{"id":14423,"date":"2025-06-04T08:39:14","date_gmt":"2025-06-04T08:39:14","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=14423"},"modified":"2025-06-04T08:39:14","modified_gmt":"2025-06-04T08:39:14","slug":"brent-crude-oil-price-fell-to-65-46","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/14423\/","title":{"rendered":"Brent crude oil price fell to $65.46"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices slipped in Asian trade on Wednesday, weighed down by concerns of increasing OPEC+ output and tariff tension that threatens the global economic outlook, though worries about Canadian supply provided a floor.<\/p>\n

Brent crude futures dipped 17 cents, or 0.3%, to $65.46 a barrel by 0644 GMT, while U.S. West Texas Intermediate crude was down 19 cents, or 0.3%, at $63.22 a barrel.<\/p>\n

Both benchmarks climbed about 2% on Tuesday to a two-week high, driven by worries over supply disruption from Canadian wildfires and expectations that Iran would reject a U.S. nuclear deal proposal key to easing sanctions on the major oil producer.
\n“Despite fears over Canadian supply and stalled Iran-U.S. nuclear talks, oil markets are struggling to extend gains,” said Tsuyoshi Ueno, senior economist at NLI Research Institute, adding that the OPEC+ increases were capping the upside.
\nUeno said hopes for progress in U.S.-China trade talks were overshadowed by profit-taking, as investors stayed cautious over the broader economic fallout from tariffs.<\/p>\n

U.S. President Donald Trump and Chinese leader Xi Jinping are likely to speak this week, White House press secretary Karoline Leavitt said on Monday, days after Trump accused China of violating a deal to roll back tariffs and trade curbs.
\nOn Tuesday, the Organisation for Economic Co-operation and Development (OECD) cut its global growth forecast as the fallout from Trump’s trade war takes a bigger toll on the U.S. economy.<\/p>\n

Analysts weighed the impact of OPEC+ increases and the Canadian wildfire situation on oil supply.<\/p>\n

“The current backwardation in the front of the crude oil futures curve is a result of low inventory balances observed since the beginning of the year,” BofA analysts told clients in a note.<\/p>\n

“In contrast, the contango further out on the curve suggests the market anticipates future slack due to OPEC’s planned supply increases and a broader deceleration of the global economy.”<\/p>\n

Markets were still expecting the wildfires that have swept Canada since May to crimp supply, despite a temporary respite from wet weather.<\/p>\n

“However, this relief could be short-lived amid forecasts for drier and warmer weather towards the end of this week,” ING analysts said in a client note.<\/p>\n

Some analysts expect the loss in Canadian supply to offset more than half the increases next month planned by OPEC+.<\/p>\n

“Estimates suggest around 350,000 barrels per day have been affected and shut in,” said SEB analyst Ole Hvalbye, referring to the impact of the wildfires.<\/p>\n

“To put this in context, the disruption exceeds three-quarters of the volume OPEC+ agreed to add to the market in July.”<\/p>\n

Updated on