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Wednesday, November 12, 2025
What’s happening: Crude oil prices climbed on Tuesday as investors assessed the wider impact of the latest US sanctions on Russian oil.
What happened: Russia was forced to pull out of Serbia’s largest oil company as well as witness India scaling back purchases of oil.
Meanwhile, investors are hopeful of the US federal government shutdown coming to an end.
Why it matters: Investors continued to monitor the impact of the US sanctions on Russia and the crude oil market.
After the US imposed sanctions last month, Russia’s Lukoil declared force majeure on oil shipments at its oilfield in Iraq, signalling the most major fallout till date.
Russia’s state-controlled company Gazprom Neft agreed to sell its shares in Serbia’s Naftna Industrija Srbije (NIS) after Serbia’s largest oil producer was slapped with sanctions. Meanwhile, five of the largest Indian oil refiners halted their December orders for Russian crude. Saudi Arabia, Iraq, and Kuwait are looking to raise shipments to India for December as refiners seek alternatives to Russia’s oil supply.
Adding to the overall bullish sentiment in the market, the longest federal government shutdown in US history is expected to end this week after Republican and Democratic lawmakers reached a stopgap deal. This would restore federal funding and raise the demand for oil. The House of Representatives is scheduled to vote on the deal later today.
Weakness in the US dollar also lent support to oil prices, as a softer greenback makes commodities cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.2% to 99.44 on Tuesday.
However, concerns over oversupply of crude limited the overall gains during the session. The OPEC+ (Organization of the Petroleum Exporting Countries and allies) announced earlier this month that it would raise output targets for December by 137,000 barrels per day.
Brent crude oil gained $1.10, or 1.7%, to close at $65.16 per barrel on Tuesday, while WTI crude surged 91 cents, or 1.5%, to finish at $61.04 per barrel.
What to watch: The OPEC is scheduled to release its monthly market report today, which would be followed by the IEA’s (International Energy Agency) annual energy assessment.
Data on the EIA’s stockpiles changes in crude oil, gasoline and distillate will be released on Thursday. Crude oil inventories in the US surged by 5.202 million barrels in the week ending October 31, higher than market estimates of 0.6 million barrels.
Context: Shares of Sony Group gained on Tuesday after the company reported better-than-expected results for the latest quarter.
Details: The Japanese company saw steady demand for PlayStation 5, while its music and chip businesses delivered a strong performance.
Revenue from the company’s Game & Network Services segment rose 4% year-over-year to ¥1.11 trillion. Operating income grew by 13% to ¥120.4 billion, driven by higher sales of PS5. Sony sold 3.9 million PS5 consoles in the latest quarter, compared to 3.8 million in the year-earlier period and up from 2.5 million in the previous quarter.
Revenues from Sony’s Music segment surged 21% to ¥542.4 billion and operating income rose 28% to ¥115.4 billion in the quarter. However, the Pictures segment reported a 3% decline in revenue, while operating income contracted by 25% to ¥13.9 billion.
Sony’s consolidated sales climbed 5% year-over-year to $21.09 billion (¥3.11 trillion), topping consensus estimates of $20.04 billion. Earnings came in at 35 cents (¥51.71) per share, surpassing Wall Street expectations of 33 cents per share.
The company raised its revenue outlook for fiscal 2025 to ¥12.0 trillion, from its earlier projection of ¥11.7 trillion, while raising its operating income forecast to ¥1.43 trillion, from ¥1.33 trillion.
Sony now projects the impact of US tariffs on its operating income to be approximately ¥50 billion during the current fiscal year, down from its previous forecast of ¥70 billion.
How shares responded: Sony’s shares jumped 4.3% to close at $29.16 on the US stock exchange on Tuesday following the release of quarterly results. The stock has added around 42% year to date.
What to watch: Investors will continue monitoring sales of the PS5 consoles and the company’s upcoming releases.
Other Markets: US trading indices closed mixed on Tuesday, with the Dow Jones index and S&P 500 up by 1.18% and 0.21%, respectively, and the Nasdaq 100 down by 0.31%.
Russia’s Ministry of Defence said its forces had taken full control of the eastern part of Kupiansk in Ukraine’s Kharkiv region. The news sent the RUB/USD pair higher in forex trading this morning.
Australia’s value of new owner-occupier loan commitments for dwellings surged 4.7% to a three-and-a-half year high of A$58.2 billion in the third quarter. This also marked an acceleration from the 2.2% growth recorded in the previous quarter, which lent support to the AUD/USD forex pair.
South Korea’s unemployment rate rose to 2.6% in October, from 2.5% in the previous month, which sent the KRW/USD pair lower in forex trading this morning.
Brazil’s annual inflation rate eased to 4.68% in October, from 5.17% in the previous month. Inflation decelerating to the lowest level since January lent support to the BRL/USD forex pair.
Japan’s Reuters Tankan index for manufacturers climbed to +17 in November, from +8 in the previous month. However, the JPY/USD pair edged lower in forex trading this morning.
Italy’s industrial production (1300 UAE Time) and 12-month BOT auction (1410 UAE Time), Germany’s 30-year Bund auction (1430 UAE Time) and current account (1700 UAE Time), India’s inflation rate (1430 UAE Time) and M3 money supply (1530 UAE Time), US MBA mortgage applications (1600 UAE Time), 17-week Bill auction (2030 UAE Time) and 10-year Note auction (2200 UAE Time), Russia’s balance of trade (1700 UAE Time), Canada’s building permits (1730 UAE Time) and Bank of Canada’s summary of deliberations (2230 UAE Time), as well as Argentina’s inflation rate (2300 UAE Time).
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