EBC Markets Briefing | Oil prices down as Trump targets Saudi

Oil markets fell on Friday after US President Trump pressured OPEC and Saudi Arabia to lower prices in an effort to boost crude production.

Oil markets sank on Friday, a day after US President Donald Trump pressured OPEC and its de facto leader Saudi Arabia to lower prices in a broad push to drive up crude production.

Saudi Arabia's crude oil exports in November jumped to their highest in eight months. Iran delivered a conciliatory message to Western leaders in Davos, denying it wants nuclear weapons.

Trump said he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine. Kremlin said Russia had so far received no specific proposals for talks.

He also said his administration would "probably" stop buying oil from Venezuela. The country/s oil exports to the US soared 64% to some 222,000 bpd last year, making it its second-largest export market behind China.

Shrinking US crude inventories, which hit their lowest level since March 2022 last week according to the EIA. But the drawdown was smaller than analysts had expected.

Trump's tariffs policies with Canada and Mexico likely the first victims, and the potential the newly inaugurated president will push for higher US oil output, also weighed on crude oil prices, analysts said.

Brent crude remained below 200 SMA, with few signs of recovery. As such a push lower towards $75.6 is in the cards.

EBC Financial Risk Management Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Financial News or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

Regulation: FCA (UK), ASIC (Australia), CIMA (Cayman Islands)
read more
Dollar Dominates After Trump’s Trade Strike| 11th July, 2025

Dollar Dominates After Trump’s Trade Strike| 11th July, 2025

On July 10, silver extends gains toward $36.50 amid rising macro uncertainty and safe-haven demand. The US Dollar weakens, boosting AUD and NZD. USD/JPY trims early losses as BoJ hike hopes fade, while EUR/JPY retreats from highs on softening sentiment. Markets brace for US Jobless Claims to guide the next leg in global risk and Fed rate expectations.
Moneta Markets | 1h 36min ago
ATFX Market Outlook 11th July 2025

ATFX Market Outlook 11th July 2025

U.S. stock indices, the S&P 500 and Nasdaq, closed slightly higher on Thursday, both reaching new record closing highs. Optimism was boosted by Delta Air Lines' positive earnings forecast and Nvidia's record-breaking market capitalisation, helping investors remain unfazed by Trump’s latest tariff announcements.
ATFX | 4h 54min ago
Gold, US 100, BTCUSD

Gold, US 100, BTCUSD

This video explains the latest important movements in the market, including the sideways move in gold, the upside tendency in US 100 and the new record peak in BTCUSD.
XM Group | 21h 7min ago
ATFX Market Outlook 10th July 2025

ATFX Market Outlook 10th July 2025

U.S. President Donald Trump announced new tariffs on seven countries, stating earlier this week that a 25% tariff would be imposed on Japan and other trade partners starting in August. Despite this, Wall Street closed higher on Wednesday, with the tech-heavy Nasdaq leading the gains.
ATFX | 1 day ago