Shares Edge Higher in Asia as Oil Dips, Earnings Loom
Brent crude dropped below $72 a barrel as seven OPEC+ members agreed to add 188,000 barrels a day and shipping through Hormuz recovered.
- Oil prices fell on Monday as shipping traffic through the Strait of Hormuz recovered and OPEC+ agreed to boost supply. Brent crude dropped below $72 a barrel, while West Texas Intermediate neared $68.
- OPEC+ members led by Saudi Arabia and Russia backed a modest rise in collective quotas, agreeing to add 188,000 barrels a day next month. The decision signals a desire to boost output as regional conditions normalize following curbs imposed a few years ago.
- Shipping along the U.S.-protected corridor in the Strait of Hormuz showed recovery on Sunday, with 160 vessels passing through from Monday to Saturday last week. Traffic flows despite fractious U.S.-Iran peace talks remaining stalled.
- Cooling energy costs combined with a softer U.S. payrolls report led markets to scale back Federal Reserve rate hike expectations. Futures now imply a 78% chance of a steady outcome at the July 29 meeting.
- Wall Street banks forecast oil prices may slump further this half, with Citigroup Inc. flagging a potential return to $60 by year-end. Timespreads for Brent and Dubai benchmarks have flipped into a bearish contango pattern, signaling output exceeding demand.
24 Articles
24 Articles
Asian shares rise on tech, oil slips after OPEC: Markets wrap
Brent slipped 0.3% to $71.88 a barrel as shipping through the US-protected corridor in the waterway showed signs of recovering; OPEC+ members also backed another modest rise in collective quotas for next month
Times of India
The Economic TimesGlobal Market Today: Shares edge higher in Asia as oil dips, earnings loom
Asian markets saw gains as Wall Street futures rose, buoyed by hopes of strong earnings and easing oil prices. Reduced inflation fears have lessened the likelihood of a near-term Federal Reserve rate hike, allowing investors to anticipate a tech profit boom driven by AI. Samsung Electronics is expected to report a significant profit jump, highlighting the strong performance of chipmakers amidst high demand and tight supply.
Channel News Asia
Shares edge higher in Asia as oil dips, earnings loom
SYDNEY, July 6 : Asian share markets were mostly firmer on Monday, as Wall Street futures started the week with gains on hopes for an upbeat earnings season, while easing oil prices promised relief from inflationary pressures.While there were no new developments in the fractious U.S.-Iran peace talks, ships a
OPEC+ hikes output as prices fall
OPEC+ on Sunday agreed to increase crude production again, as more barrels flow through the Strait of Hormuz amid a US-Iran ceasefire. The move by the group of oil-producing nations and its allies will add to the supply of fuel in global markets, which analysts warn are poised for a glut as oil prices fall. Navigating the post-war market will mark the latest test for OPEC+, months after the United Arab Emirates quit the organization; analysts ex…
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