AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

oil-barrels 400SINGAPORE: Oil prices rose in thin Asian trade Wednesday, supported by a forecasted fall in US crude supplies, analysts said, while US lawmakers appear to be making progress in fiscal cliff talks.

 

New York's main contract, light sweet crude for delivery in January rose one cent to $87.94 a barrel and Brent North Sea crude for February delivery advanced a cent to $108.85.

 

Traders were heartened by data released by the American Petroleum Institute (API) late Tuesday showing a sharper-than-expected fall in US stockpiles, said Nick Trevethan, senior commodities strategist at ANZ Research.

 

"API crude stocks dropped over four million barrels, which should support oil prices," he told AFP.

 

The fall was far steeper than the 1.7 million to 2.3 million barrel drawdown projected by various analysts. A fall in US crude inventories indicates a pickup in energy demand in the world's largest oil consumer.

 

The US Department of Energy is due to issue its weekly inventory report later Wednesday.

 

Confidence has also been boosted by hopes of a breakthrough in Washington on averting the fiscal cliff of tax hikes and spending cuts due to come into effect at the start of January.

 

The US economy will likely tip into recession if a new deal to cut the country's deficit with less swingeing measures is not found.

 

President Barack Obama and Republican House Speaker John Boehner have stepped up negotiations in recent days, with both sides narrowing their differences and providing concessions on spending and taxes.

Copyright AFP (Agence France-Presse), 2012

Comments

Comments are closed.