Oil Prices Ease on Rising US Inventories, Libyan Output

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
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Oil Prices Ease on Rising US Inventories, Libyan Output

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown)

Oil prices slid on Wednesday, giving up some of last session's gains, as an increase in US crude stockpiles and easing worries over Libyan supplies weighed on prices, although the decline was limited by potential US tariffs on Canadian and Mexican imports.

Brent crude futures fell 18 cents, or 0.2%, to $77.31 a barrel by 0548 GMT, while US crude futures declined 15 cents, or 0.2%, at $73.62 a barrel, Reuters reported.

"While markets are tackling demand side pressures, easing backdrop on supply side is equally weighing over oil prices," said Priyanka Sachdeva, senior market analyst at Phillip Nova in Singapore.

"Markets are under pressure with Trump's plans to boost US oil production and await further clarity on Trump's energy policies."

US President Donald Trump began his term last week issuing several executive orders to ease the permitting of energy infrastructure and boost already record-high oil and gas output.

US crude oil and gasoline stocks rose last week, while distillate inventories fell, market sources said on Tuesday, citing American Petroleum Institute figures.

The Energy Information Administration (EIA), the statistical arm of the US Department of Energy, is due to release its weekly data at 1530 GMT on Wednesday.

The resolution of supply concerns in Libya has also added to selling pressure, said Chiyoki Chen, chief analyst at Sunward Trading in Tokyo.

Those fears eased after the state-run National Oil Corp said on Tuesday export activity was running normally after it held talks with protesters demanding a halt of loadings at one its main oil ports.

The White House said on Tuesday that President Trump still plans to issue 25% tariffs on Canada and Mexico on Saturday.

It remains unclear how any new tariffs could affect oil imports to the US from the countries. Canada supplied 3.9 million barrels per day of oil to the US in 2023, roughly half of overall imports for the year, while Mexico supplied 733,000 bpd, according to data from the EIA.

Oil benchmarks fell to multi-week lows early this week as news of surging interest in Chinese startup DeepSeek's low-cost artificial intelligence (AI) model prompted concerns over energy demand to power data centers, rattling the overall energy sector, while weak economic data from China further soured the demand outlook.

Technology stocks regained ground on Tuesday, a day after the DeepSeek rattled markets.



Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
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Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo

Long-haul carrier Etihad Airways announced Wednesday it made a record $476 million profit in 2024, part of a financial rebound for the Abu Dhabi-based airline.

The airline had revenues of nearly $6.9 billion in 2024, compared to $5.5 billion in 2023. Its profit in 2023 was just $143 million.

Etihad attributed its higher profit to increased passenger numbers, a recovery in its cargo operations and cutting its costs. It flew 18.5 million passengers in 2024, up 32%. Its cargo revenues for the year were $1.1 billion, up 24%, The AP reported.

“These results are testament to the dedication of our people who have worked together for a purpose: delivering our strategy," CEO Antonoaldo Neves said in a statement. “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholders' mandate and contributing to the long-term prosperity and success of the UAE.”

Etihad’s network now flies to 80 locations with a fleet of 97 aircraft.