ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,619
11824hr
Pakistan Cases
729,920
431824hr
Sindh
269,474
Punjab
252,974
Balochistan
20,397
Islamabad
66,983
KPK
100,275
Markets

Crude edges higher as dollar weakens

SINGAPORE : Oil edged higher on Friday as the dollar weakened, capping a volatile week marked by concern about the euro
15 Jul 2011

Brent crude oilSINGAPORE: Oil edged higher on Friday as the dollar weakened, capping a volatile week marked by concern about the euro zone's debt, the US deficit and speculation of further economic stimulus.

US crude, up 15 cents at $95.84 a barrel at 0042 GMT, is poised to end the week little changed after falling below $94 on Tuesday and topping $99 Wednesday.

Brent crude for September added 6 cents to $116.32 after the expiry of the August contract on Thursday at $118.32.

FUNDAMENTALS

There is plenty of oil to satisfy global demand and no need to increase production, Iran's caretaker oil minister said on Thursday, reiterating the Islamic Republic's hawkish stance on price and disapproval of Saudi Arabia's output increase.

Britain's largest oilfield, Buzzard, should return to full output in August, its operator Nexen said on Thursday, boosting supply of the North Sea crude that helps to set the global Brent oil benchmark.

Brent's premium over US crude, also known as West Texas Intermediate, stood at $22.29 on Thursday after earlier soaring to a record $23.54, erasing the previous high of $23.34 hit on June 15, according to Reuters data.

The number of Americans claiming initial unemployment benefits dropped last week but remained elevated and retail sales barely rose in June, suggesting the economy will struggle to regain speed in the second half.

Mid-week comments by Federal Reserve Chairman Ben Bernanke raised hopes that the US central bank would embark on a third round of economic stimulus, but in testimony to the senate on Thursday he said the Fed was not yet ready to take action because inflation was higher than in late 2010.

President Barack Obama concluded a round of US debt talks on Thursday by sending lawmakers back to Congress to gauge support for a deal, saying a package to cut the deficit by $2 trillion was within reach.

The US Treasury has warned that it will run out of money to pay the country's bills after Aug. 2 if the $14.3 trillion borrowing limit is not raised. Failure to seal a deal by then could cause turmoil in global financial markets and plunge the US into another recession.

Bernanke warned on Thursday that overzealous cuts to government spending in the short term could derail a shaky recovery and said a US debt default could wreak financial havoc.

Moody's Investors Service also rattled markets late on Wednesday by putting the credit rating of top oil consumer the United States under revision for a possible downgrade.

Alarmed by a worsening of the euro zone debt crisis, policymakers and bankers are examining radical proposals to rescue Greece that include a sharp cut in its debt burden, ways to prop up banks and a new emphasis on boosting Greek growth, official and banking sources say.

 

Copyright Reuters, 2011