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Prices of oil rise on the back of summer demand despite economic woes
The oil prices rose on Tuesday, driven by the expectation of a strong summer in the two world's largest consumers: the United States and China. However, gains were limited by the caution expressed by analysts about the economy as a whole. Prices have been fluctuating in a narrow range, as the signs of steady demand due to an increase in summer travel in the Northern Hemisphere have been competing with fears that U.S. Tariffs on trading partners would slow economic growth and fuel usage. Brent crude futures were up 13 cents or 0.2% to $68.84 per barrel at 0411 GMT. U.S. West Texas Intermediate Crude Futures rose 25 cents or 0.4% to $66.77. The market has downplayed any potential supply disruptions following the threat by U.S. president Donald Trump to impose tariffs on Russian oil purchases. The major oil producers point to better economic growth for the second half of this year, while China's data shows consistent growth. In a recent note, LSEG analysts stated that "strong seasonal demand" is driving up oil prices as the summer season brings a peak in industrial and travel activity. The increased gasoline consumption in the U.S., particularly during the Fourth of Jul holiday period, indicates robust fuel demand. This helps offset the bearish pressures of rising inventories and concerns about tariffs. China's data revealed that growth in the second quarter was slower than expected, but it was less than anticipated, partly due to frontloading in order to avoid U.S. Tariffs. This eased concerns about the world's biggest crude importer. Data also revealed that China's crude throughput in the month of June increased by 8.5% compared to a year ago, which indicates a stronger fuel demand. Some analysts, however, saw the price recovery as temporary. Priyanka Sahdeva, senior market analyst at Phillip Nova, explained that the stabilization of crude oil markets following two volatile sessions was largely due to a minor technical correction and not a significant change in fundamentals. Investors should be aware of inflation and interest rates in the United States, as Trump's push to increase tariffs may lead to inflation and dampen the fuel demand over the medium-term. Sachdeva pointed out that OPEC’s narrative remained optimistic. He cited the cartel’s monthly report, released on Tuesday. Forecast that the global economic outlook would improve in the second half of the year, which will boost the oil demand forecast. Brazil, China, and India exceed expectations, while the U.S., EU, and recovery from last year is added. Sachdeva said that the technicals might offer a short-term respite, but fundamentally there is a lack of momentum in the market. The crude complex is likely to continue its downward trend until there is clarity on global growth, policies, and demand, particularly in Asia. (Reporting and editing by Christian Schmollinger; Colleen howe)
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Gold gains a little as attention turns to US tariff talks
The gold price rose on Wednesday, as investors digested the data that showed an increase in U.S. Consumer Prices last month. They also awaited further clarity regarding President Donald Trump's Trade Policy. As of 0401 GMT, spot gold was up by 0.4% to $3,334.12 an ounce. U.S. Gold Futures rose 0.1% to $3,340.90. Brian Lan, Singapore's managing director of GoldSilver Central said that gold is currently consolidating, with a slight downside bias. This is due to the stronger dollar. "However many countries are still in negotiations with the U.S. over the tariffs." Many are seeking safe havens because there are many uncertainties on the market. Trump threatened on Saturday to impose a 30 percent tariff on imports coming from Mexico and the European Union, starting August 1. Trump, however, said that he would be open to further negotiation on Monday. The U.S. consumer price index increased by the highest amount in five months in June, mainly due to higher prices for certain goods. This suggests that tariffs are starting to impact inflation and could keep the Federal Reserve at bay until September. Trump stated that the Fed should lower interest rates immediately after receiving the data. Dallas Fed Bank President Lorie Lorie Logan stated that the U.S. Central Bank will likely need to keep rates at their current levels for a little while longer in order to maintain low inflation despite the upward pressure of the Trump Administration's tariffs. In a low interest rate environment, gold, which is often considered to be a safe investment during economic uncertainty, does well. The market will now be looking at the U.S. Producer Price Index due on Wednesday at 1230 GMT for further cues. The dollar and the benchmark 10-year Treasury yields in the United States held near multiple-week highs, which helped to limit gold's gains. Silver spot gained 0.3%, to $37.82 an ounce. Palladium rose 0.4% and platinum 0.2%. (Reporting and editing by Sherry Phillips, Subhranshu Sahu, and Brijesh Pate in Bengaluru).
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Mooreast Finds Geotechnical Partner for Floating Energy Solutions
Singapore-based mooring and anchoring specialist Mooreast Holdings has partnered with Norway-based GeoProvider to strengthen capabilities in offshore data analysis and enhance its value proposition to the floating offshore renewable energy market.Through their framework agreement, Mooreast will tap into GeoProvider’s extensive geotechnical and geophysical database to accelerate data analysis and support larger, more complicated projects.Both parties will also collaborate on offshore wind projects as the floating renewable market transitions towards the commercialization phase.SGX Catalist-listed Mooreast, a total mooring solutions specialist, has been offering geotechnical and geophysical studies, such as soil data analysis to determine project feasibility and engineering design for mooring configurations. The group is also Asia’s only ultra-high power anchor manufacturer.Headquartered in Stavanger, Norway, GeoProvider provides geophysical data and geotechnical services for global clients involved in offshore wind, energy exploration and carbon capture and storage. Its team of world-class specialists and cutting-edge technology offers consultancy, advisory, and engineering for subsurface projects.“The agreement with GeoProvider reflects our strategy to build strong partnerships that add value to our clients and increase our capability to take on larger and more complex projects. GeoProvider’s strong track record complements our core competencies as a mooring specialist, allowing us to better meet the demands of the global offshore market,” said Eirik Ellingsen, CEO of Mooreast.In line with these efforts, Mooreast also signed a Memorandum of Understanding (MoU) with Korea Ocean Engineering & Consultants (KOCECO) to promote joint business and technology collaboration in offshore mooring and seabed anchoring solutions.KOCECO, recognized by South Korea’s Ministry of Trade, Industry and Energy, brings extensive experience in submarine cable laying and underwater engineering services.The MoU lays the groundwork for future cooperation in the rapidly developing floating offshore wind market in North Asia, where Mooreast seeks to play a pivotal role in addressing local supply chain gaps in mooring systems.“The two agreements will significantly strengthen Mooreast’s global position and our commitment to our transformation to serve the renewable energy sector. Through these partnerships, we are now better equipped to deliver a comprehensive solution for the offshore sector,” added Ellingsen.
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Accelerator Chooses Six Companies for New York Wind Advances
NYU Tandon School of Engineering, in partnership with Equinor, National Offshore Wind R&D Consortium (NOWRDC) and New York City Economic Development Corporation (NYCEDC), announced its selection of the 2025 annual cohort of companies that will receive support to further develop their ideas and advance offshore wind’s potential in New York.Six companies were selected from a pool of 53 applicants based on the novelty and potential of their solutions. Among the focus areas was identifying innovations that can contribute to efficiencies in turbine maintenance and improved marine life monitoring.Launched in January 2023, the Offshore Wind Innovation Hub is led by Equinor in collaboration with Urban Future Lab at NYU Tandon, and NOWRDC The hub is also supported by the NYCEDC.The 2025 Offshore Wind Innovation Hub Accelerator Cohort:1. Anemo Robotics (Copenhagen, Denmark) — Camera technology to provide an autonomous underwater monitoring solution for marine biodiversity assessment.2. Kalypso Offshore Energy (Delaware, USA) — Offshore solution provider with a specialized modular subsea cable repair and maintenance kit for flexible and quick mobilization.3. MESPAC (Turin, Italy) — Intelligence platform delivering accurate, continuous, and spatially-refined metocean data powered by satellites and AI.4. Orpheus Ocean (Massachusetts, USA) — Lightweight and modular Autonomous Underwater Vehicle for the collection of seafloor data.5. Reblade (Aarhus, Denmark) — Drone-based robotics tools for automatically repairing edge erosion of wind turbine blades.6. Werover (London, UK) — Continuous, real-time monitoring of wind turbine blades using acoustic sensors and AI-powered analytics.The winners will take on a six-month mentoring and business development program residency, designed to prepare them for strategic partnerships with major offshore wind developers, suppliers and the wider offshore wind value chain.The program aims to enable innovators to overcome barriers to adoption and continue to successfully commercialize their solutions in New York and beyond.The 2024 cohort companies made great strides in business and product development, fundraising, hiring and piloting. Notable highlights include Triton Anchor’s $5.7M equity and grant fundraise, Claviate’s signed contract with Siemens Onshore to manage over 200 wind turbines, and Pliant Energy Systems' work on two pilot deployments in local New York City waters in collaboration with NYC Economic Development Corporation.The Offshore Wind Innovation Hub is based in Sunset Park, Brooklyn, with a mission to enable smaller companies to provide their technology to the offshore wind industry. Cohort companies will be individually paired with knowledgeable Equinor mentors and gain industry-specific guidance on technology development from NOWRDC. Cohort companies will also benefit from NYCEDC’s extensive involvement in piloting and innovation activities throughout the city, including the Pilots at BAT program.“This cohort comes in at a critical time in the US offshore wind industry — a time when projects are being built at scale and innovation has real opportunities to make an impact. The technologies being developed in this cohort are working to lower cost, improve US supply chain opportunities, and improve safety across offshore wind development and operational stages. We at the National Offshore Wind Research & Development Consortium are eager to support and accelerate this cohort’s industry deployment over the next year," said Lyndie Hice-Dunton, Executive Director at National Offshore Wind Research and Development Consortium.To meet the companies and learn more about their innovations, join the Offshore Wind Innovation Hub on September 4, 2025 in New York City, when it will host its yearly Wind-Win Startup Showdown event. Registration is open.
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Iron ore prices rise on improved China-Australia relations
Iron ore futures rose on Wednesday, boosted by stronger ties between Australia, the world's top producer, and China, its largest consumer. However, gains were limited by worries about persistent weakness in China’s property market. As of 0303 GMT, the most-traded contract for September iron ore on China's Dalian Commodity Exchange was trading 1.11% higher. It was 773.5 Yuan ($107.71), per metric ton. The benchmark iron ore for August on the Singapore Exchange rose 0.84% to $99.75 per ton. After a meeting with Chinese President Xi Jinping in Beijing, Australian Premier Anthony Albanese agreed to a new Policy Dialogue on Steel Decarbonisation. This would provide Australia with insight into Chinese planning. Albanese said that a decade old free trade agreement between Australia and China, its largest trading partner, will be reviewed. Albanese traveled with Rio Tinto, BHP and Fortescue executives to China on Monday, where they met Chinese steel industry representatives. Rio Tinto, the world's largest iron ore producer, reported an increase of 13% in quarterly shipments. It also announced its highest second-quarter production level since 2018. Galaxy Futures, a broker, said that the demand for steel remains high in manufacturing, and prices have been driven by expectations about supply-side policies. Even so, the market is still weighed down by weak fundamentals. In June, the crude steel production in China fell by 9.2% compared to the previous year, making it its lowest level since 2020. Analysts from ANZ wrote in a recent note that this has neutralized the positive sentiment that had been building in recent weeks due to signs of robust demand. Coking coal and coke, which are used to make steel, also fell on the DCE. They were down by 0.6% and 0.9%, respectively. The Shanghai Futures Exchange has seen a decline in most steel benchmarks. Rebar fell 0.26%, while hot-rolled coil dropped 0.25%. Wire rod also decreased 0.09%, and stainless steel rose 0.12%. ($1 = 7.1813 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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Dollar soars as Fed rate cuts bets are lowered, causing Asia shares to struggle
The Asian stock market was under pressure Wednesday, while the dollar rose to its strongest level against the yen in early April. This is after U.S. Inflation suggested that tariffs were pushing up prices, dampening expectation for Federal Reserve policy ease. The yield on U.S. Treasury bonds reached its highest level in over a month. This lifted the dollar, especially against the yen. However, tech shares remained resilient following a 4% rally in artificial-intelligence darling Nvidia overnight. Brent crude has remained at $69 per barrel. The data released on Tuesday shows that U.S. consumer price rose by 0.3% in the month of June. This was in line with expectations, but it was also the biggest gain since January. Economists attribute the increase in prices of goods like coffee and home furnishings, to the Trump administration’s increasing import tariffs. The Fed has kept interest rates at the same level as it waited to see if the tariffs would have an inflationary effect, which Jerome Powell said he anticipated in the summer. Taylor Nugent is a senior economist with National Australia Bank. In a podcast, he said: "We know that Fed Chair Powell and a few colleagues are waiting for the tariff effects to be seen. This data has bolstered that view." Nugent stated that the markets have seen "a pretty significant reduction in Fed expectations" regarding rate cuts. The traders are currently pricing in a 43 basis point rate cut for the remainder of this year. There is a 56.5% chance of achieving a quarter-point reduction in September. Investors will be closely monitoring the producer price data, due on Wednesday. They are looking for any signs that inflationary pressures may also be building in factories. As of 0127 GMT, Australia's benchmark equity index and South Korea's KOSPI both lost about 0.6%. Blue chips in Mainland China fell 0.1%. The Nikkei, Japan's technology and exporter-heavy index, was flat following a series of small gains and losses. Nvidia's success and the weakening yen were both supportive. Taiwan's benchmark index rose 0.5%, while Hong Kong's Hang Seng gained 0.8%. Both added to the 1.6% rally on Tuesday. U.S. S&P futures declined by 0.2% after a 0.4% drop in the cash index overnight. Earnings season is another important factor for investors, aside from the Fed and President Donald Trump's tariffs. JPMorgan Chase's and Citigroup's results were better than expected, but the market reaction was mixed. Wells Fargo lowered its net interest income forecast for 2025, despite exceeding expectations in the second quarter. Goldman Sachs Morgan Stanley, and Bank of America are among the banks that will be reporting earnings on Wednesday. The 10-year Treasury yields in the United States rose to a record high of 4.495% Wednesday, the highest level since June 11. The dollar remained close to its multi-week high versus major peers. The dollar index was barely changed at 98.545, after reaching a high of 98.699 for the first since June 23. The U.S. dollar was unchanged at 148.785 Japanese yen and had earlier risen to 149.04 yen for the first since April 3 in the wake of Trump's "Liberation Day tariff announcement". The euro has risen 0.1% to $1.1612 in an attempt to recover from the three-week low reached on Tuesday of $1.1593. Bitcoin, the cryptocurrency, added about 1% this week to $117 696. It stabilised after its 6% drop earlier in the week from its all-time high of $123,153.22 on Monday. Gold increased by 0.3% to $3,332. Brent crude futures dropped 5 cents, to $69.16 per barrel. U.S. West Texas Intermediate futures also fell 9 cents, to $66.69 per barrel. Both contracts closed more than $1 lower the previous session.
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Copper prices remain unchanged as markets wait for the impact of US tariffs
The London Metal Exchange and Shanghai Futures Exchange saw little movement on Wednesday as the markets awaited President Donald Trump’s trade tariffs that are scheduled to go into effect on August 1. The LME's three-month copper fell 0.04%, to $9,641.5 a metric ton, by 0102 GMT. Meanwhile, the SHFE's most traded copper contract rose 0.08%, to 77990 yuan (10,872.87) per ton. A metals trader at a Beijing futures company stated that there was not much news to move the market today. The first-half Chinese economic data is out. There's little to worry about, except for the persistently slow property market. U.S. will not cut interest rates soon, with the June CPI. Tariffs are next." In June, U.S. Consumer prices increased by 0.3%. This was the highest increase in five-months. The Federal Reserve may decide to delay any rate changes until September due to the uptick in inflation caused by tariffs. Trump announced on Tuesday that the U.S. will impose a tariff of 19% on goods coming from Indonesia, under a new deal with the Southeast Asian nation. Additional deals are expected to be signed soon. After the European Union, a major U.S. trade partner, prepared retaliatory actions in the event that talks with Washington were unsuccessful, the U.S. President revealed new details on planned duties on pharmaceuticals. LME nickel rose by 0.36%, to $15,200 per ton. Tin increased 0.16%, to $33,365. Lead fell 0.3%, to $1,990. Zinc and aluminum remained flat at $2.698 and 2.582.5 respectively. SHFE nickel recovered from the drop of Tuesday, adding 1.31% per ton to 121.020 yuan. Tin rose 0.06% and aluminium gained 0.12%. Lead fell 0.65% to 16,900 yuan, and zinc dropped 0.5% at 21,995 yuan. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0600 UK Core CPI, UK CPI June 0600 UK Services CPI June 0900 EU Total Balance SA May 1230 PPI US Machine Manufacturing June 1315 Industrial Production US MM June (1 = 7.1729 Chinese Yuan) (Reporting and Editing by Sumana Niandy; Reporting by Hongmei LI)
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Prices of oil rise on expectations of demand amid improved economy
The price of oil rose on Wednesday, as the U.S., China and other major oil consumers are expected to continue using their products. Brent crude futures were up 29 cents or 0.42% to $69 per barrel at 0105 GMT. U.S. West Texas Intermediate Crude Futures rose 40 cents or 0.6% to $66.92. The market has downplayed any potential supply disruptions following the threat by U.S. president Donald Trump to impose tariffs on Russian oil purchases. Prices have been fluctuating in a narrow range, as the combination of signs that demand is steady due to an increase in summer travel in the Northern Hemisphere has fought against concerns about U.S. tariffs imposed on its trading partners slowing economic growth and fuel consumption. The major oil producers, however, are pointing out an improvement in the economic growth of the second half year. Chinese data also showed that growth was consistent. In a recent note, LSEG analysts stated that "strong seasonal demand" is driving up oil prices as the summer season brings a peak in industrial and travel activity. The increased gasoline consumption, especially during the Fourth of the July holiday in the U.S., has helped offset the bearish pressures of rising inventories and concerns about tariffs. Data from China showed that growth in the second quarter slowed, but not as much as was previously thought, partly due to frontloading in order to avoid U.S. Tariffs. This eased concerns about the economy in the world's biggest crude importer. Data also revealed that China's crude throughput in the month of June increased by 8.5% compared to a year ago, which indicates a stronger fuel demand. Consultants said that this was the highest level since September 2023 as state-owned refining facilities increased their operations and experienced a profit recovery. In a report published on Tuesday, the Organization of Petroleum Exporting Countries predicted that the global economic outlook would improve in the second half of this year, thereby boosting oil demand. The report stated that India, China, and Brazil outperformed expectations, while the U.S., EU, and EU recovered from last year. Reporting by Colleen Waye, Editing by Christian Schmollinger
Chios, a Greek island, declares an emergency after wildfires continue to rage.
Greece declared a state-of-emergency on Chios Island on Monday. Hundreds of firefighters are battling the wildfires on the island for the second day, as the winds continue to rage, causing more power outages and evacuations of residents.
The climate conditions on Chios are not conducive, and we have constant new fronts.
He confirmed that an additional 170 firefighters would be added to 11 teams of approximately 190 firefighters who had been deployed on the island, located in the northeastern Aegean, to try to stop the fire from spreading into homes and areas where mastiha is produced, a natural resin made from mastic tree sap.
Kefalogiannis stated that thirty more vehicles would be added to the 38 already deployed vehicles, with 13 helicopters, four water bomber aircraft and other support.
The wind gusts made it difficult to put out the wildfires that have destroyed forest and pastures as they rage towards the north west and south of Chios Town, the capital of the island, forcing power cuts and forcing hundreds to flee.
Kefalogiannis stated that the authorities would investigate the causes of fires which broke in different geographic parts of the island.
Greece, located at the southernmost tip of Europe, has suffered from frequent wildfires that have affected its economy and environment in recent years. Scientists say this is due to a rapidly changing climate.
The government has spent hundreds millions of Euros to compensate farmers and households for damages caused by extreme weather conditions and to upgrade firefighting equipment.
In anticipation of a difficult fire season, the government has hired 18,000 firefighters, a record.
(source: Reuters)