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Oil prices slip ahead of G7 talks on new Russian sanctions

By Ron Bousso LONDON (Reuters) -Oil prices edged lower on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of...
Oil prices slip ahead of G7 talks on new Russian sanctions © Reuters. FILE PHOTO: Crude oil storage tanks are seen at the Kinder Morgan terminal in Sherwood Park, near Edmonton, Alberta, Canada November 14, 2016. REUTERS/Chris Helgren

By Ron Bousso

LONDON (Reuters) -Oil prices edged lower on Monday in a volatile session as investors waited for any moves against Russian oil and gas exports that might come out of a meeting of leaders of the Group of Seven (G7) nations in Germany.

The prospect of even tighter supplies loomed over the market as western governments sought ways to cut Russia's ability to fund its war in Ukraine, even though G7 leaders were also expected to discuss a revival of the Iran nuclear deal, which might lead to more Iranian oil exports.

Members of the Organization of the Petroleum Exporting Countries and their allies including Russia, known as OPEC+, will likely stick to a plan for accelerated oil output increases in August when they meet on Thursday, sources said.

But, for now, the pressing supply worries outweighed growing concerns over the potential for a global recession following a string of downbeat economic data from the United States, the world's biggest oil consumer.

Brent crude futures declined 28 cents to $112.84 a barrel by 0932 GMT after rebounding 2.8% on Friday. U.S. West Texas Intermediate crude was at $107.17 a barrel, down 45 cents, or 0.42%, following a 3.2% gain in the previous session.

Both contracts fell last week for the second week in a row as interest rate hikes in key economies strengthened the dollar and fanned recession fears.

However, oil prices are well supported above $100 a barrel while the backwardation in prompt monthly spreads remained wide. Backwardation is the market structure when prompt futures prices are higher than prices for delivery in later months, indicating limited supplies.

"There seems to be a macro vs fundamentals battle going on at the moment," Warren Patterson, ING's head of commodity research said. "As we have seen prices come under pressure, timespreads have strengthened, suggesting the market is still tight."

G7 leaders, who began their meeting on Sunday, are expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports, as well as further sanctions that do not exacerbate inflation.

These measures include a possible price cap on Russian oil exports to reduce Moscow's revenues while limiting the damage to other economies.

"It's unclear whether a price cap will achieve this outcome," Commonwealth Bank of Australia (OTC:CMWAY) analyst Vivek Dhar said in a note.

"There's still nothing stopping Russia from banning oil and refined product exports to G7 economies in response to a price cap, exacerbating shortage conditions in global oil and refined product markets."

The G7 will also discuss the prospect of reviving the Iran nuclear talks after the European Union's foreign policy chief met senior officials in Tehran to try to unblock the stalled negotiations, a French presidency official said on Sunday.

In addition, some of the G7 leaders are pushing for an acknowledgement of the need for new financing for fossil energies investment, two sources told Reuters on Sunday, as European states scramble to diversify supplies.

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29-03-2024 03:29:46 (UTC+7)

EUR/USD

1.0787

-0.0039 (-0.36%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0787

-0.0039 (-0.36%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2621

-0.0017 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

USD/JPY

151.40

+0.09 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (1)

AUD/USD

0.6515

-0.0018 (-0.28%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (5)

Sell (1)

USD/CAD

1.3546

-0.0021 (-0.15%)

Summary

↑ Sell

Moving Avg:

Buy (5)

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Indicators:

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EUR/JPY

163.26

-0.49 (-0.30%)

Summary

Buy

Moving Avg:

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Sell (3)

Indicators:

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Sell (2)

EUR/CHF

0.9728

-0.0058 (-0.59%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (6)

Gold Futures

2,240.40

+27.70 (+1.25%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Silver Futures

24.975

+0.223 (+0.90%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

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Sell (6)

Copper Futures

4.0072

+0.0072 (+0.18%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

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Crude Oil WTI Futures

83.06

+1.71 (+2.10%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Brent Oil Futures

86.88

+1.47 (+1.72%)

Summary

Buy

Moving Avg:

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Natural Gas Futures

1.750

+0.032 (+1.86%)

Summary

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US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

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Moving Avg:

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Sell (12)

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S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

Moving Avg:

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Indicators:

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DAX

18,504.51

+27.42 (+0.15%)

Summary

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Moving Avg:

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FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

Moving Avg:

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Sell (12)

Indicators:

Buy (5)

Sell (4)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

Moving Avg:

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

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Sell (1)

 EUR/USD1.0787↑ Sell
 GBP/USD1.2621↑ Buy
 USD/JPY151.40↑ Buy
 AUD/USD0.6515Neutral
 USD/CAD1.3546↑ Sell
 EUR/JPY163.26Buy
 EUR/CHF0.9728↑ Sell
 Gold2,240.40↑ Sell
 Silver24.975↑ Sell
 Copper4.0072↑ Sell
 Crude Oil WTI83.06↑ Buy
 Brent Oil86.88Buy
 Natural Gas1.750↑ Buy
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 29-03-2024 03:29:48
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$2,219.94+28.921.32%
Live 24 hour Gold Chart
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Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.70+5.270.07%
Brent$86.75+5.110.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.950,00
EUR26.018,3427.446,04
GBP30.390,9531.684,00
JPY158,69167,96
KRW15,8419,20
Cập nhật lúc 18:53:18 28/03/2024
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