Oil gains as US-China tariff pause extension boosts trade hopes
(Reuters) - Oil prices rose on Tuesday...
(Reuters) - Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers.
Brent crude futures gained 26 cents, or 0.39%, to $66.89 a barrel by 0015 GMT,while U.S. West Texas Intermediate crude futures rose 22 cents, or 0.34%, to $64.18.
U.S. President Donald Trump extended a tariff truce with China by another 90 days, a White House official said on Monday, staving off triple-digit duties on Chinese goods as U.S. retailers prepared for the critical end-of-year holiday season.
This raised hopes that an agreement could be attained between the world's two largest economies, and could help sidestep a virtual trade embargo between them. Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower.
Investors are also looking ahead to a meeting between Trump and Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the war in Ukraine.
Saudi crude oil supply to China set to fall in September, sources say
Saudi Arabia's crude oil exports to China are set to fall in September,...
Saudi Arabia's crude oil exports to China are set to fall in September, slipping from a more than two-year high in August after the world's largest exporter raised prices, several trade sources said on Monday.
State oil firm Saudi Aramco will ship about 43 million barrels to China in September, or 1.43 million barrels per day (bpd), a tally of allocations to Chinese refiners showed. That is down from 1.65 million bpd allocated in August.
Companies that planned to reduce Saudi crude liftings in September include Asia's top refiner Sinopec and its Fujian Refinery joint venture with Saudi Aramco, the sources said.
PetroChina and Shenghong Petrochemical will also slightly reduce volumes in September from August, they added.
U.S. stocks end lower ahead of CPI despite Trump extending China trade truce
U.S. stocks ended lower on Monday, despite President...
U.S. stocks ended lower on Monday, despite President Trump reportedly extending the deadline for a tariff deal with China to November, as investors awaited consumer-price index data due Tuesday.
The Dow Jones Industrial Average ended 0.5% lower, according to preliminary closing data at FactSet.
The S&P 500 fell 0.3%.
The Nasdaq Composite declined 0.3%, snapping a three-day winning streak.
Transwestern Pipeline to expand with $5.3B project
Energy Transfer has approved a $5.3 billion expansion of its Transwestern...
Energy Transfer has approved a $5.3 billion expansion of its Transwestern Pipeline, known as the Desert Southwest expansion. The project will extend the pipeline by 516 miles, connecting Texas to Arizona through New Mexico, and is driven by growing regional energy needs and long-term commitments from major customers.
Netanyahu said new military offensive will be wider than first announced
Yesterday, the Israeli prime minister clarified that his security Cabinet...
Yesterday, the Israeli prime minister clarified that his security Cabinet authorized attacking “central camps,” which the UN says are housing 500,000 displaced people, and Muwasi, in addition to Gaza City, which was announced last week. He defended the action as necessary to “finish the job.” Also yesterday, five Al Jazeera journalists were killed in an Israeli strike near Gaza City’s Al-Shifa Hospital, including reporters Anas al-Sharif and Mohammed Qreiqeh and three cameramen, who were in a tent for journalists near the hospital’s main gate when it was struck. The Israel Defense Forces said it had targeted al-Sharif, whom it described as “the head of a terrorist cell in Hamas,” allegations that al-Sharif and Al Jazeera previously denied.
