2025-06-09 00:45

US and China hold trade talks in London Potential trade deal could boost oil demand China's crude imports hit four-month low in May NEW YORK, June 9 (Reuters) - Oil prices hit multi-week highs on Monday, buoyed by a weaker U.S. dollar, while investors awaited news from U.S.-China trade talks in London in hopes a deal could boost the global economic outlook and subsequently fuel demand. Brent crude futures settled 57 cents higher, or 0.9%, to $67.04 a barrel. During the session, the benchmark rose to $67.19 a barrel, the highest since April 28. Sign up here. U.S. West Texas Intermediate crude rose 71 cents, or 1.1%, to $65.29. The contract reached $65.38 a barrel during the session, the highest since April 4. A weaker U.S. dollar gave some support to oil prices, as the dollar index (.DXY) , opens new tab dropped 0.3%, making oil cheaper for holders of other currencies. Last week, Brent rose 4% and WTI gained 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors. "Much of this advance appears technically driven and such rallies can easily subside without new bullish headlines," analysts at energy advisory firm Ritterbusch and Associates said in a note. "Much attention will be given to the ongoing U.S.-China trade talks." U.S. President Donald Trump and China's leader Xi Jinping spoke by telephone on Thursday before U.S. and Chinese officials met in London on Monday to calm trade tensions between the two nations. A trade deal between the United States and China could support the global economic outlook and in turn boost demand for commodities including oil. Monday's talks could dampen the impact on prices of Chinese data releases, IG market analyst Tony Sycamore said. Chinese export growth slowed to a three-month low in May as U.S. tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world's second-largest economy at home and abroad. "Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65," Sycamore said, referring to WTI prices. The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance. The prospect of a potential China-U.S. trade deal outweighed concern over the price impact from increased output by the OPEC+ group of oil producers next month. The Organization of the Petroleum Exporting Countries' oil output rose in May by less than the volume planned, a Reuters survey found, as Iraq made further cuts to compensate for earlier pumping above target and Saudi Arabia and the United Arab Emirates made smaller hikes than allowed. OPEC pumped 26.75 million barrels per day last month, up 150,000 bpd from April's total, the survey showed on Monday, with Saudi Arabia making the largest increase. (This story has been corrected to fix the session high for brent to $67.19 from $67.12 in paragraph 2) https://www.reuters.com/business/energy/oil-prices-hold-gains-ahead-us-china-trade-talks-2025-06-09/

2025-06-08 23:06

LONDON, June 9 (Reuters) - The British government said on Monday it planned to extend a ban on bottom trawling to protect marine life amid calls from acclaimed naturalist David Attenborough and Prince William for urgent measures to protect the world's oceans. The plan, which will be subject to a consultation with those in the marine and fisheries sector, would see bottom trawling - dragging large nets along the sea floor - banned across about 30,000 square km (11,600 square miles) of English seas covering 41 Marine Protected Areas, the government said. Sign up here. It said the move would protect vital marine habitats and support species such as lobster, clams, soft corals and langoustines. Currently there is a ban covering about 18,000 square km of English seabeds. "Bottom trawling is damaging our precious marine wildlife and habitats," Environment Minister Steve Reed said in a statement. "Without urgent action, our oceans will be irreversibly destroyed." The proposal coincides with the start of this week's United Nations Ocean Conference , opens new tab in France, which is seeking to get agreement for a treaty to protect the world's oceans and seabeds from overfishing and other human activities. On Sunday Prince William, the elder son of King Charles and heir to the throne, called on politicians and business leaders at an event in Monaco ahead of the UN conference to act "while we still have the chance". Meanwhile Attenborough, whose latest documentary film "Ocean" on the issue was released last month, said he was appalled by what humans had done to "the deep ocean floor", saying it was "unspeakably awful". "If you did anything remotely like it on land, everybody would be up in arms," Attenborough told William in an interview which was released by the prince's office on Saturday. https://www.reuters.com/sustainability/climate-energy/uk-seeks-extend-ban-bottom-trawling-fishing-english-seas-2025-06-08/

2025-06-08 21:05

NAPERVILLE, Illinois, June 8 (Reuters) - Speculators dug deeper into bear territory last week across U.S. grain and oilseed futures, and with this time of year known to feature plenty of uncertainties, investors must keep their eyes glued on upcoming weather forecasts for the U.S. Corn Belt. In the week ended June 3, money managers' combined net short position across U.S. grain and oilseed futures and options surpassed 400,000 contracts, up more than 90,000 on the week. Sign up here. That marks their most bearish collective position since early September and their most bearish open to June in eight years. Just four months ago, the combined net long topped out at 300,000 contracts. Last week’s move was driven by heavier selling in corn, soybeans and soybean oil. Money managers maintained bullish CBOT soybean oil bets through the week ended June 3, but they slashed their net long futures and options contracts by 22,000 to 31,990 contracts due to negative sentiment on the U.S. biofuels front. Money managers nearly erased bullish bets in CBOT soybean futures and options, reducing their net long to 8,601 contracts from 36,697 a week earlier. Funds’ bearish soymeal position remained near-record large as prices have traded sideways over the last several weeks, and they also maintained sizable net shorts across the wheat flavors. CORN FOCUS Last week’s net selling in corn was primarily driven by a large wave of new gross short positions, a trend that has been present in six of the last seven weeks. As of June 3, money managers’ net short in CBOT corn futures and options hit a nine-month high of 154,043 contracts, up from 100,760 a week earlier. Recent heavy speculative selling in corn comes against the backdrop of a wildly strong U.S. export program and similarly robust U.S. ethanol grind. These factors have pared 2024-25 U.S. corn ending stock predictions significantly over the last year. However, the futures market does not seem to be reflecting a terribly tight situation. Late last week, CBOT July corn opened up a discount to December corn , not suggestive of imminent concern over supplies. Funds’ building bearishness in corn as well as the newly established market carry could be hinting at the expectation that last year’s U.S. corn crop was larger than the U.S. Department of Agriculture stated. The agency’s June 30 stocks report could potentially validate this notion. But in the meantime, traders will need to be watching the U.S. weather forecasts, which as of Friday suggested a potential dry spell for the western Corn Belt over the next two weeks. Heat risks were relatively low, though corn and soybean crop conditions are sitting at just average levels. In the week ahead, the market will be anticipating USDA’s monthly supply and demand report on Thursday, and traders expect a further contraction in old-crop U.S. corn supply. All eyes will turn toward London on Monday, where top U.S. and Chinese officials will hold talks aimed at resolving trade disputes. Pending the outcome, this could have markets starting off the week with a bang. But whether that trajectory is higher or lower is anyone’s guess. Karen Braun is a market analyst for Reuters. Views expressed above are her own. https://www.reuters.com/markets/commodities/funds-bearish-sentiment-us-grains-oilseeds-hits-nine-month-high-braun-2025-06-08/

2025-06-08 17:32

LIMA, June 8 (Reuters) - Peru's government has abandoned a plan that reduced the size of a protected area around the country's ancient Nazca Lines, it said on Sunday, after criticism the change made them vulnerable to the impact of informal mining operations. Peru's Culture Ministry in a statement said it was reinstating with immediate effect the protected area covering 5,600 square kilometers (2162.17 square miles), that in late May had been cut back to 3,200 square kilometers. The government said at the time the decision was based on studies that had more precisely demarcated areas with "real patrimonial value". Sign up here. The remote Nazca region located roughly 400 km (250 miles) south of Lima contains hundreds of pre-Hispanic artifacts and its plateau is famous for the Nazca Lines, where over 800 giant desert etchings of animals, plants and geometric figures were created more than 1,500 years ago. UNESCO declared them a World Heritage site in 1994. A technical panel of government representatives, archaeologists, academics and members of international organizations, including UNESCO, will work together to build consensus on a future proposal for zoning and land use in the area, the Culture Ministry's statement said. According to figures from the Peruvian Ministry of Energy and Mines, 362 small-scale gold miners operate in the Nazca district under a program to regularize their status. Authorities have previously conducted operations against illegal mining in the area. https://www.reuters.com/business/environment/peru-restores-nazca-lines-protection-after-backlash-over-mining-risk-2025-06-08/

2025-06-08 12:39

June 8 (Reuters) - Slovakia will block any European Union sanctions against Russia that damage its national interests, Prime Minister Robert Fico said on Sunday after parliament approved a resolution calling on the government not to back any new measures. Fico said that Slovakia wanted to stay constructive within the bloc, but he called the resolution a political tool with a strong message. Sign up here. "If there is a sanction that would harm us, I will never vote for it," Fico told a news conference shown on his party's YouTube page. Slovakia, a NATO and European Union member, has diverged from Western allies in its position on Ukraine under Fico and his leftist-nationalist government coalition, and stopped official state military aid to Kyiv as it battles Russia's invasion. Fico has also been an opponent of sanctioning Russia for its war against Ukraine, saying trade measures damage Slovakia and the EU more than Moscow. The new resolution, approved in a thinly attended parliamentary session, committed government members not to vote for new sanctions and trade limitations towards Russia. It had not been immediately clear to what extent the resolution was constitutionally binding. Fico said he could not support any measure stopping the import of Russian fuel for Slovakia's nuclear power plants. "I am interested in being a constructive player in the European Union, but not at the expense of Slovakia." Slovakia has not blocked any previous EU sanctions, including a 17th package targeting Moscow's shadow fleet, adopted in May. Attempts to hit Russia's gas and nuclear sectors have consistently hit obstacles, with opposition from Slovakia and other countries, like Hungary, that still rely on Russian energy supplies. https://www.reuters.com/world/pm-fico-says-slovakia-will-block-eu-sanctions-russia-if-they-harm-national-2025-06-08/

2025-06-08 11:56

June 8 (Reuters) - Nuclear equipment supplier Westinghouse is in talks with U.S. officials and industry partners about deploying 10 large reactors, in response to presidential executive orders, the Financial Times reported on Sunday, citing the company's CEO. President Donald Trump's executive orders, which were published on May 23, directed the government to cut down on regulations and fast-track licences for reactors and power plants to shrink a multi-year process to 18 months. Sign up here. Dan Sumner, Westinghouse interim chief executive, told the FT that the company was "uniquely positioned" to deliver the president's agenda because it had an approved reactor design, a viable supply chain and recent experience of building two of its AP1000 reactors in Georgia. "There is active engagement with the administration, including key points of interface with the loan programmes office, recognising the importance of financing to the deployment of the model," he told the FT. Westinghouse did not immediately respond to requests for comment outside regular business hours. https://www.reuters.com/business/energy/westinghouse-pursues-us-nuclear-expansion-after-trump-orders-ft-says-2025-06-08/