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Oil prices rise ahead of Sino-US Trade Meeting
Oil prices rose slightly on Friday after increasing about 3% the previous session as trade tensions between the top oil consumers U.S.A. and China began to ease and Britain announced an "important" trade agreement with the United States. Brent crude rose by 23 cents or 0.37% to $63.07 a barrel, while U.S. West Texas intermediate crude gained 21 cents or 0.35% at $60.12 a barrel as of 0507 GMT. Both contracts closed Thursday with gains of nearly 3%. U.S. Treasury Sec. Scott Bessent and Vice Premier He Lifeng of China will meet in Switzerland on 10 May to resolve trade disputes which have threatened the growth in crude oil consumption. If the two countries agree to start formal negotiations on trade and to lower their tariffs, while continuing talks, the markets would get a break and crude prices could rise another $2 to $3 per barrel, said Vandana, founder of oil analysis provider Vanda Insights. Customs data released on Friday showed that China's exports grew faster than expected, and imports slowed their declines. This gives Beijing some relief before the icebreaker tariff talks this weekend with the U.S. Separately U.S. president Donald Trump and British prime minister Keir starmer announced Britain agreed to lower tariffs for U.S. imported goods to 1.8%, from 5.1%. The U.S. reduced duties on British cars, but retained a 10% duty on most other goods. Hari said that any further U.S. deals with major trading partners after the UK deal would only have a marginal effect on oil sentiment. OPEC+, the Organization of the Petroleum Exporting Countries (or OPEC) and its allies plan to boost production in other countries. This could maintain pressure on the oil price. According to a survey, OPEC's oil production fell in April due to lower output in Venezuela, Libya and Iraq. A tightening of U.S. sanctions against Iran could limit supply and drive prices up. Sources told Thursday that sanctions on two small Chinese oil refiners who bought Iranian crude made it hard for them to get crude, and caused them to try to sell the product under other names. The Indian army reported that Pakistani forces had launched "multiple" attacks along India's western border during the night of Thursday and into Friday morning, as the conflict between nuclear-armed neighbors intensified. Rystad Energy analysts expect both countries to increase crude purchases and refinery activities amid rising tensions. Rohan Goindi, a Rystad analyst, said that "Diesel consumption is expected to decline as rerouted flights and cancellations result from airspace closures, which lead to increased ticket prices, rerouted flight, and cancellations." Rystad Energy estimates that India's daily crude oil demand is 5.4 million barrels (bpd) compared with Pakistan's 0.25million bpd.
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Metals on the edge ahead of China-US Trade Talks
Metal prices in London were in a narrow range on Friday, as traders remained cautious in advance of the U.S. - China trade talks at this weekend. As of 0346 GMT on Friday, the benchmark copper price on the London Metal Exchange fell by 0.3%, to $9,405 per metric ton, but was higher by 0.42% compared to $9,365.5 on Thursday. U.S. president Donald Trump and British prime minister Keir starmer announced on Thursday a limited trade agreement. The agreement leaves the 10% tariffs Trump imposed on British exports in place, but expands access to agriculture for both countries. It also lowers U.S. duty on British auto exports. After months of rising tensions, which pushed tariffs well above 100% between the two world's largest economies, traders have adopted a cautious approach ahead of this weekend's U.S. China meeting scheduled in Switzerland. Both countries will likely discuss the possibility of lowering tariffs on specific products and a broader range of duties. The discussions between the U.S.A. and China are critical. We are cautious because Trump's position is unpredictable. Other London metals include aluminium, which fell 0.1%, to $2.411 per ton. Zinc rose 0.7%, to $2.636, while lead increased by 0.8%, to $1.960. Tin dropped 0.6%, to $31,695, and nickel decreased 0.2%, to $15.505 per ton. The Shanghai Futures Exchange's (SHFE) most traded copper contract rose by 0.1%, to 77.630 yuan (10,722) a ton. This was due to rapidly declining stocks that SHFE monitored because of robust domestic demand. Yangshan Copper Premium On Thursday, the, which measures China's demand for copper, reached its highest level since December 2023, at $102 per ton. SHFE aluminium increased by 0.5%, to 19,585 Yuan per ton. Zinc was up by 0.2%, at 22,325 Yuan. Lead was up by 0.3%, at 16,830 Yuan. Nickel was down 0.2%, at 123,420 Yuan. Tin dropped 0.3%, to 259,980 Yan. ($1 = 7.2435 Chinese Yuan Renminbi)
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Pope Leo criticised Trump and Vance. MAGA is not amused.
The first U.S. born pope did not hesitate to criticize President Donald Trump or Vice President JDVance on social media before he became pontiff. His comments drew him into the maelstrom that is divided U.S. political on Thursday, as he assumed leadership of the Catholic Church worldwide. Pope Leo XIV has a few posts on his X account, Robert Prevost (his name before he began the pontificate), that are not in favor of the Republican leaders. These posts attracted their own criticism from Trump's most ardent conservative supporters on Thursday, including activist Laura Loomer. The president expressed his pride in having an American as Vatican leader. Trump told the White House that having the pope of the United States of America was a great honor. When asked if he'd meet Leo, Trump replied "they have already called." White House officials have not commented on the criticisms of Prevost's blog. The White House staff cheered on Thursday the election of the First American-Born Pope as they watched the news. Prevost posted an article in February with the headline "JDVance is wrong: Jesus does not ask us to rate our love for others." Prevost posted a comment in April when Trump met with El Salvador's President Nayib Bukele to discuss the use of a prison that allegedly had human rights violations to hold suspected gang members who were flown into the U.S. Are you not troubled by this? The account was created in 2011, but it is not known who runs it. We contacted the Vatican, the Roman Catholic Diocesan of Chiclayo, Peru, where Prevost lived for many years, as well as the Peruvian Embassy in the Holy See, to verify its authenticity. Its handle, @drprevost, includes messages asking for prayers in the final months of Pope Francis. Pope Leo will follow in the footsteps Francis, a champion for immigrants and the poor, who had also his differences with Trump's administration. Vance downplayed the differences that he had with Francis after they met at the Vatican on the day before his death, but the differences were significant. Francis called Trump's immigration policy a disgrace. Leo's nomination was met with disdain by supporters of Trump's Make America Great Again campaign. Loomer, a writer for X, wrote: "He is an anti-Trump, he's anti-MAGA and he's pro-open Borders. He is a Marxist total like Pope Francis." Charlie Kirk, a right-wing activist, wrote: "Pope Leo XIV - Registered Chicago Republican pro-life warrior OR open borders globalist installed as a counter-Trump? Vance, who is a Catholic himself, said that he believed millions of American Catholics, as well as other Christians, would pray for Leo’s success. "May God bless him!" Vance wrote on X. Political Differences Trump and the new pope share some similar policies. Trump and Vance both oppose abortion. According to a Facebook post encouraging followers to sign the Catholic Climate Petition, he is in favor of fighting climate change. Trump pulled the U.S. out of the Paris Climate Accord that combats global warming. He has also spoken against racism. Prevost, at the height of the 2020 movement for racial equality that spread around the world after the police killed George Floyd, an African-American man, tweeted a series on his Twitter account urging the eradication prejudice and hatred. In a post dated May 30, 2020, he said: "We need more from Church leaders to reject racism and to seek justice." Trump has eliminated diversity, equity, and inclusion policies in the federal government, and among its contractors. Supporters say that these policies were tools used to combat a history of discrimination and bias against African Americans. Washington and the Vatican sometimes found common ground on political issues, and other times their views clashed. Both Ronald Reagan and Pope John Paul were anti-Communists fervents, despite their differences on nuclear proliferation. Reagan was the very first president to have full diplomatic relations established with the Holy See. John Paul II criticized President Bill Clinton for his support of abortion rights. He also opposed the 2003 U.S. war in Iraq under President George W. Bush. (Reporting and editing by Caitlin Wallis, Colleen Jenkins, Daniel Wallis, Caitlin Wallis, Colleen Webber and Jasper Ward; Additional reporting and editing by Steve Holland; Rachael K. Kennedy, Andrea Shalal and Kat Stafford.
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Rare earth exports in April are down on last month due to China's export restrictions
China's rare earths exports fell by 15.6% in April compared to the previous month after the country announced restrictions on the shipment of certain critical minerals. The General Administration of Customs released data on Friday showing that China exported 4,785 metric tonnes of minerals in the 17-mineral group last month. This compares to 5,666 tonnes in March 2024 and 4,566 in the same period in 2024. Beijing announced that it would immediately restrict the export of seven categories medium and heavy rare Earths, including samarium and related items such as gadolinium and dysprosium. Last month, it was reported that the shipment of seven rare earths listed on the export control list has ceased. Customs data revealed that exports in the first four month of 2025 increased by 5.1% over the previous year to 18,962 tonnes. Imports of rare earths from China last month fell by nearly 4% compared to the same period in 2013. They reached 12,623 tonnes. Customs data revealed that total imports for the first four month of the year were down 23.6% compared to the previous year, at 37,302 tonnes. Reporting by Amy Lv, Lewis Jackson and Kate Mayberry; editing by Kate Mayberry
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TGS Kicks Off Geophysical Survey for Dogger Bank South Offshore Wind Project
Norwegian seismic firm TGS has started detailed seabed geophysical surveys for the eastern array of the proposed Dogger Bank South offshore wind farms for RWE and Abu Dhabi Future Energy Company - Masdar.The site investigations will enhance understanding of the seabed conditions over 122 km off the northeast coast of England.TGS started the surveys in April, acquiring ultra-high resolution 3D (UHR3D) seismic data to assess the subsea terrain at turbine locations.Dogger Bank South consists of two offshore wind farms with a combined capacity of 3 GW. RWE leads both projects, overseeing development, construction, and operations on behalf of partners RWE and Masdar.At 3 GW, the projects are the U.K.'s most powerful offshore wind farms under development.They are currently advancing through the Nationally Significant Infrastructure Project (NSIP) planning process, with a consent decision anticipated by the end of the year.If approved, and following a Financial Investment Decision (FID), construction could commence in 2026/27, with first power generation expected to contribute to the U.K. government’s target of 60 GW of offshore wind by 2030, and full completion by 2031/32.“We are pleased to support RWE and Masdar through the delivery of high-quality geophysical acquisition, imaging and interpretation at the array site of Dogger Bank South East.“This work is critical to minimizing geohazards and ensuring safe and efficient project execution in one of the most strategically important offshore wind zones in the UK. Our data-rich capabilities will help de-risk development and support efficient planning of this important renewable energy project,” said Will Ashby, EVP of New Energy Solutions at TGS.“This year’s site investigation at the eastern array builds upon similar work completed at the western array in 2024. The level of detail obtained from these surveys is crucial in developing the most effective foundation designs for each location.“The Dogger Bank South Offshore projects are critical infrastructure projects and have the potential to supply 3 million homes and 3GW of the UK Government’s 60GW offshore wind target,” added Colin McAllister, Development Project Manager for DBS offshore wind farms at RWE.
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Altrad’s Stork Gets Inspection Contract for Ithaca Energy
Altrad’s recently acquired subsidiary Stork has secured a multi-year contract with Ithaca Energy for inspection services across its oil and gas assets off UK.The five-year contract, which started on March 1, 2025 will encompass the provision of inspection services for the topside pressure systems, structures, tanks, heat exchangers and marine assets for the majority of Ithaca Energy assets in the UK Continental Shelf (UKCS).The agreement with Ithaca also includes two one-year extension options.The contract will allow Stork to add approximately 25 new people to its asset integrity team, which serves our oil and gas clients.“This is a landmark contract win for Stork, positioning us as a full integrity partner in the UKCS. We look forward to working closely with Ithaca Energy to add value to their operations,” said Steve Hunt, Regional Director for Stork said; “ “We are delighted to have been awarded this contract from Ithaca Energy, wherein we will deliver our full range of inspection services, efficiently under one contract,” added Altrad’s CEO for the UK, Ireland, Nordics & Poland – Paudie Somers.To remind, Altrad completed the acquisition Stork TS Holdings Limited which holds the Stork UK group of companies back in February 2025.
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China's coal imports in April fell 16% on an annual basis
Customs data released on Friday showed that China's coal imports dropped 16% in April compared to the same period last year, due to lower domestic prices. According to the General Administration of Customs, imports were down 37.83 millions metric tons from 45.25 in April 2024. This was the second consecutive month that China's imports of coal fell year-over-year. They had increased previously every month from November 2022. January and February are excluded because they are affected by Lunar New Year holidays. Imported coal's profit margins are being cut by the domestic price, which is at a four-year low. According to the Bohai Rim Bay thermal coal index, China's price for medium grade coal with a heat rating of 5,500 kilocalories/kg was 648 Yuan ($89.55/metric ton) on 8 May. This was the lowest price since March 2021, and it was down from 676 Yuan a few months earlier. In March, domestic production hit a monthly record of 440.58 tons. Imports also increased in April 2024, partly because of a series fatal mine accidents that forced the closure of mines in Shanxi for inspection and lowered domestic production. The data revealed that coal imports for the first four-month period of 2025 were 152.67 millions metric tons. This was down 5.3% compared to 161.15 tons a year ago. (Reporting and editing by Christopher Cushing; Colleen howe)
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Investors weigh Sino-US trade negotiations, slow demand and iron ore rangebound
Investors weighed the prospects of an easing in Sino-U.S. tensions with the seasonal weakness of demand from China, which is a major consumer. As of 0241 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 0.43% lower. It was 697 yuan (US$96.14) per metric ton. The benchmark June Iron Ore at the Singapore Exchange rose 0.45% to $96.95 per ton. Donald Trump, President of the United States, predicted that the punitive U.S. Tariffs of 145% on Beijing would most likely be reduced. This is the latest indication of a softerening of the tone between these two superpowers. The United States has revealed details of a brand new trade agreement between the United States and Britain. Analysts and traders remained cautious ahead of this weekend's Sino-U.S. negotiations. Analysts said that while near-term ore consumption remained strong, signs of a weakening steel downstream consumption threatened to limit any potential upside. A survey by consultancy Mysteel revealed that the average daily hot metal production - which is typically used to gauge demand for iron ore - increased 0.1% to 2,46 million tonnes week-on-week as of May 8. This was the highest level since October 2023. Coking coal and coke, which are used to make steel, have also lost ground. The benchmarks for steel on the Shanghai Futures Exchange have fallen. Rebar fell by 0.98%, while hot-rolled coils dropped 0.75%. Wire rod dropped 1.95%. Stainless steel was down 0.16%.
Ukrainian authorities claim that an anti-Russian activist was killed in Odesa.
The authorities have not ruled out Russian involvement. A prominent anti-Russian protester was killed in Odesa, a Ukrainian port city on Friday.
Demian Hansul, 31, was identified as the victim. Local media reported that he had taken part in the Maidan Revolution of 2014 against Ukraine's pro-Russian President. Media reported that he was also a former member of the extreme-right Right Sector.
Telegram: "The incident qualifies as a premeditated killing committed on order."
Security Service reported that a 46-year old military deserter was detained and treated as a suspect.
On Telegram local, the Telegram said that possible motives for this crime were being investigated. This included a link to Russia.
A video uploaded on Telegram local claimed to have captured the moment of shooting. The video showed a burly, bald man with a gun pointing at the head of an unidentified man who was lying on the pavement. He fired, then walked away.
The authenticity of the clip could not be verified.
Russian state media had previously branded Hanul a neo Nazi responsible for a May 2014 arson attack at the Trade Union House, Odessa. This was a reference then to violent fighting between pro Russian activists and supporters of Ukrainian unification.
In April 2024, a Moscow court in absentia charged Hanul with several crimes. These included damaging Soviet-era monuments of war for which he could have faced up 20 years in prison.
In July, several media outlets reported that Hanul requested Ukrainian police protection following threats. (Reporting and editing by Gareth Jones, Angus MacSwan and Yuliia dysa)
(source: Reuters)