{"id":14433,"date":"2025-06-05T09:58:54","date_gmt":"2025-06-05T09:58:54","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=14433"},"modified":"2025-06-05T09:58:54","modified_gmt":"2025-06-05T09:58:54","slug":"brent-crude-oil-price-rose-to-65-01","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/14433\/","title":{"rendered":"Brent crude oil price rose to $65.01"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia’s July prices for Asia.<\/p>\n

Brent crude futures were up 15 cents, or 0.2%, at $65.01 a barrel by 0800 GMT. U.S. West Texas Intermediate crude gained 11 cents, or 0.2%, to $62.96 a barrel.<\/p>\n

Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world’s largest economy.<\/p>\n

Adding to the weakness, Saudi Arabia, the world’s biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in two months.<\/p>\n

“While the (Saudi) decrease was smaller than anticipated, it suggests demand is soft despite entering the peak demand period,” said ANZ analysts in a note.<\/p>\n

The price cut by Saudi Arabia follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July.<\/p>\n

The strategy of OPEC+ group leaders Saudi Arabia and Russia is partly to punish over-producers and to wrestle back market share, Reuters has reported.<\/p>\n

Weak U.S. economic data and ongoing developments in U.S.-China trade relations also weighed on oil prices, said independent market analyst Tina Teng.<\/p>\n

“Simply put, a gloomy global economic trajectory dimmed the demand outlook,” she said.<\/p>\n

“Markets are cautiously watching for any progress in trade talks between the world’s two top economies.”<\/p>\n

Data on Wednesday showed that the U.S. services sector contracted for the first time in nearly a year in May.
\nOn the trade front, U.S. President Donald Trump said on Wednesday that China’s Xi Jinping was tough and “extremely hard to make a deal with”, exposing friction between Beijing and Washington after the White House had raised expectations for a long-awaited Xi-Trump phone call this week.<\/p>\n

Updated on