Iraq Economic News and Points to Ponder Tuesday Evening 4-15-25

Oil Continues Its Losses

Time: 2025/04/14 07:56:56 Read: 2,685 times  {Economic: Al Furat News} Oil prices fell on Monday, amid concerns that the escalating trade war between China and the United States could weaken global economic growth and undermine fuel demand.

By 01:26 GMT, Brent crude futures were down 29 cents, or 0.45%, at $64.47 a barrel, while West Texas Intermediate crude futures were down 27 cents, or 0.44%, at $61.23 a barrel.

Both crudes have lost about $10 a barrel since the beginning of the month, as the trade war between the world's two largest economies escalates, according to Reuters.

Goldman Sachs expects Brent crude to average $63 per barrel, while West Texas Intermediate (WTI) crude is expected to average $59 per barrel for the remainder of this year. Brent crude is expected to average $58 per barrel and WTI crude $55 per barrel in 2026.  LINK

Rising Oil Prices

Economy | 09:40 - 04/15/2025   Mawazine News – Baghdad  Oil prices rose in early trading on Tuesday, supported by new tariff exemptions announced by US President Donald Trump and a rebound in Chinese crude oil imports in anticipation of a decline in Iranian supplies.

Brent crude futures rose 27 cents, or 0.42 percent, to $65.15 a barrel by 00:46 GMT, while U.S. West Texas Intermediate (WTI) crude gained 26 cents, or also 0.42 percent, to $61.79.

In the latest development in a tense trade war, Trump said he was considering adjusting the 25 percent tariffs imposed on auto and auto parts imports from Mexico, Canada and other countries. U.S. erratic trade policies have created uncertainty in global oil markets and prompted the Organization of the Petroleum Exporting Countries (OPEC) on Monday to cut its demand forecast for the first time since December.

The Trump administration announced on Friday that it would grant exemptions from tariffs on smartphones, computers and some other electronic goods, most of which are imported from China. That pushed both benchmark crude oil prices to a slight gain on Monday.

Trump said on Sunday he would announce tariffs on imported semiconductors next week, and filings in the Federal Register, the government's official journal, on Tuesday showed that the administration began investigating semiconductor imports on April 1 as a prelude to imposing tariffs.

Prices were also supported by data on Monday showing China's crude oil imports in March rose about 5% from a year earlier, as it increased purchases of Iranian oil in anticipation of tighter US sanctions.

Kazakhstan said on Monday its oil production fell 3% in the first two weeks of April from the March average, confirming a Reuters report, although its output remains above its quota in OPEC+, the grouping of OPEC and allies led by Russia.  https://www.mawazin.net/Details.aspx?jimare=260785

Gold Prices Stabilize In Baghdad Markets

Stock Exchange  Economy News – Baghdad   Foreign and Iraqi gold prices stabilized in local markets in the capital, Baghdad, on Tuesday (April 15, 2025).

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, witnessed this morning a selling price of one mithqal of 21-karat Gulf, Turkish and European gold of 666 thousand dinars, and a purchase price of 662 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold reached 636,000 Iraqi dinars, and the buying price was 632,000 Iraqi dinars.

As for gold prices in jewelers' shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 665,000 and 675,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 635,000 and 645,000 dinars.  https://economy-news.net/content.php?id=54456

Today's Dollar Prices

economy | 11:39 - 04/15/2025   Mawazine News – Baghdad   The exchange rate of the US dollar against the Iraqi dinar witnessed a rise in the currency markets in the capital, Baghdad.

The dollar price rose on the Al-Kifah and Al-Harithiya stock exchanges to 147,400 Iraqi dinars for every $100, while yesterday's price, Monday, was 147,300 dinars for every $100.

The selling price at exchange shops in the local markets in Baghdad reached 148,500 Iraqi dinars for every $100, and the buying price reached 146,500 dinars for every $100. https://www.mawazin.net/Details.aspx?jimare=260788

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