ANL 36.55 Increased By ▲ 0.90 (2.52%)
ASC 14.80 No Change ▼ 0.00 (0%)
ASL 26.10 Increased By ▲ 1.25 (5.03%)
AVN 90.90 Decreased By ▼ -0.35 (-0.38%)
BOP 7.80 Increased By ▲ 0.01 (0.13%)
BYCO 10.21 Increased By ▲ 0.06 (0.59%)
DGKC 125.20 Increased By ▲ 0.95 (0.76%)
EPCL 57.50 Increased By ▲ 1.00 (1.77%)
FCCL 24.35 Increased By ▲ 0.19 (0.79%)
FFBL 28.80 No Change ▼ 0.00 (0%)
FFL 16.05 Decreased By ▼ -0.05 (-0.31%)
HASCOL 9.79 Increased By ▲ 0.07 (0.72%)
HUBC 79.00 Decreased By ▼ -0.25 (-0.32%)
HUMNL 6.77 Increased By ▲ 0.14 (2.11%)
JSCL 21.81 Increased By ▲ 1.11 (5.36%)
KAPCO 40.10 Decreased By ▼ -0.15 (-0.37%)
KEL 3.83 Increased By ▲ 0.02 (0.52%)
LOTCHEM 16.61 Increased By ▲ 0.41 (2.53%)
MLCF 47.15 Increased By ▲ 0.66 (1.42%)
PAEL 35.23 Decreased By ▼ -0.01 (-0.03%)
PIBTL 10.35 No Change ▼ 0.00 (0%)
POWER 9.25 Increased By ▲ 0.08 (0.87%)
PPL 86.02 Increased By ▲ 0.67 (0.79%)
PRL 25.32 Increased By ▲ 0.32 (1.28%)
PTC 10.01 Increased By ▲ 0.29 (2.98%)
SILK 1.24 No Change ▼ 0.00 (0%)
SNGP 42.05 Increased By ▲ 1.55 (3.83%)
TRG 164.75 Increased By ▲ 1.85 (1.14%)
UNITY 30.76 Decreased By ▼ -0.29 (-0.93%)
WTL 1.48 Increased By ▲ 0.06 (4.23%)
BR100 4,873 Increased By ▲ 37.38 (0.77%)
BR30 25,848 Increased By ▲ 213 (0.83%)
KSE100 45,311 Increased By ▲ 262.65 (0.58%)
KSE30 18,544 Increased By ▲ 107.94 (0.59%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,754
13524hr
Pakistan Cases
734,423
468124hr
Sindh
269,840
Punjab
255,571
Balochistan
20,499
Islamabad
67,491
KPK
101,045
Markets

Crude gains after US crude stocks decline

TOKYO : US crude futures rose firmly to above $97 a barrel on Thursday after industry data showed declines in US crude
07 Jul 2011

Crude oilTOKYO: US crude futures rose firmly to above $97 a barrel on Thursday after industry data showed declines in US crude and product inventories.

FUNDAMENTALS

NYMEX crude for August delivery was up 54 cents at $97.19 a barrel by 2335 GMT, after settling down 24 cents at $96.65 on Wednesday.

London Brent crude for August delivery was untraded, after settling up 1 cent at $113.62.

After the settlement on Wednesday, industry group American Petroleum Institute said US crude stocks fell 3.2 million barrels last week, a sharper decline than expectations for a 2.3 million barrel drawdown.

Gasoline stocks fell 1.9 million barrels against expectations for an increase of 100,000 barrels. Distillate stocks fell 1.6 million barrels, compared with forecasts for a 700,000 barrel gain.

The market was waiting for a similar weekly report by the US Energy Information Administration and weekly US jobless claims data due out later in the day.

Growth in the US services sector dipped modestly in June, an industry report showed. The Institute for Supply Management said its services index fell to 53.3 last month from 54.6 in May, shy of economists' forecasts for 54.0 in a Reuters survey.

China raised interest rates for the third time this year, making clear that taming inflation remains a top priority even as its vast economy gently eases.

MARKETS NEWS

Transportation stocks were among the standouts in another flat session for US equities on Wednesday, and the sector's rally could be cause for optimism ahead.

The Dow Jones industrial average was up 56.15 points, or 0.45 percent, at 12,626.02. The Standard & Poor's 500 Index rose 1.34 points, or 0.10 percent, to 1,339.22. The Nasdaq Composite Index was up 8.25 points, or 0.29 percent, at 2,834.02.

The euro slid against the US dollar for a second straight day on Wednesday as a China interest rate hike raised global growth concerns in a market already unnerved by the downgrade of Portugal's debt to junk.

 

Copyright Reuters, 2011