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%)
Markets

Oil stable as rising virus cases, higher US crude stockpiles stall recovery

  • US crude stockpiles rise - API
  • US crude output to fall less than expected in 2020 -EIA
  • ADNOC plans to boost oil exports in August – sources
Published July 8, 2020

LONDON: Oil prices were broadly stable for a fourth session on Wednesday, with rising US crude stockpiles and an increase in US coronavirus infections arresting a recent recovery sparked by easing lockdowns.

Brent crude futures rose 10 cents to $43.18 a barrel by 1135 GMT. US West Texas Intermediate (WTI) crude futures were up 3 cents at $40.65 a barrel.

Both benchmarks are set for a fourth session of daily percentage changes of less 1% in either direction.

The US coronavirus outbreak crossed a grim milestone of over 3 million confirmed cases on Tuesday as more states reported record numbers of new infections.

US crude oil stockpiles rose last week, although gasoline and distillate inventories fell more than expected, data from industry group the American Petroleum Institute showed.

"Yesterday's lull in price action in the oil market is continuing this morning even as sentiment is sullied by renewed US glut fears," said PVM analysts in a note. "The search continues for a catalyst to break oil out of its range."

The US Energy Information Administration (EIA) said on Tuesday that US crude oil production is expected to fall by 600,000 barrels per day (bpd) in 2020, a smaller decline than the 670,000 bpd it forecast previously.

EIA crude stock data is due later on Wednesday.

Key ministers in the OPEC+ grouping of oil exporters are due to hold talks next week about the future of their record output cut deal, which is due to taper off from next month.

Abu Dhabi National Oil Co (ADNOC) plans to boost oil exports in August, the first signal that OPEC+ countries are preparing to ease output cuts, three sources familiar with the development told Reuters.

Meanwhile, Libya's National Oil Corporation said a forced shutdown in production since January was expected to result in output dropping to 650,000 bpd in 2022 from about 1.2 million bpd achieved at the start of 2020.

Comments

Comments are closed.