ANL 33.97 Increased By ▲ 2.37 (7.5%)
ASC 19.56 Increased By ▲ 0.52 (2.73%)
ASL 25.85 Increased By ▲ 0.15 (0.58%)
AVN 90.21 Decreased By ▼ -1.31 (-1.43%)
BOP 8.41 No Change ▼ 0.00 (0%)
BYCO 12.54 Increased By ▲ 0.11 (0.88%)
DGKC 124.71 Decreased By ▼ -0.49 (-0.39%)
EPCL 47.65 Decreased By ▼ -0.05 (-0.1%)
FCCL 23.85 No Change ▼ 0.00 (0%)
FFBL 26.85 Increased By ▲ 0.34 (1.28%)
FFL 18.06 Decreased By ▼ -0.20 (-1.1%)
HASCOL 10.90 Decreased By ▼ -0.28 (-2.5%)
HUBC 80.51 Decreased By ▼ -0.08 (-0.1%)
HUMNL 8.57 Decreased By ▼ -0.28 (-3.16%)
JSCL 22.86 Increased By ▲ 0.07 (0.31%)
KAPCO 43.20 No Change ▼ 0.00 (0%)
KEL 4.12 Decreased By ▼ -0.06 (-1.44%)
LOTCHEM 15.75 No Change ▼ 0.00 (0%)
MLCF 47.67 Decreased By ▼ -0.58 (-1.2%)
PAEL 35.10 Decreased By ▼ -0.16 (-0.45%)
PIBTL 11.86 Decreased By ▼ -0.15 (-1.25%)
POWER 9.86 Decreased By ▼ -0.12 (-1.2%)
PPL 90.06 Increased By ▲ 0.01 (0.01%)
PRL 25.58 Decreased By ▼ -0.08 (-0.31%)
PTC 12.39 Decreased By ▼ -0.36 (-2.82%)
SILK 2.08 Decreased By ▼ -0.03 (-1.42%)
SNGP 48.00 Decreased By ▼ -0.10 (-0.21%)
TRG 162.50 Decreased By ▼ -0.01 (-0.01%)
UNITY 44.21 Decreased By ▼ -0.92 (-2.04%)
WTL 3.86 Decreased By ▼ -0.11 (-2.77%)
BR100 5,241 Decreased By ▼ -7.4 (-0.14%)
BR30 27,347 Decreased By ▼ -62.44 (-0.23%)
KSE100 47,987 Decreased By ▼ -25.38 (-0.05%)
KSE30 19,325 Decreased By ▼ -14.59 (-0.08%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
22,034
2724hr
Pakistan Cases
949,838
66324hr
1.7% positivity
Sindh
332,677
Punjab
345,141
Balochistan
26,673
Islamabad
82,394
KPK
137,147
Markets

Oil prices slip despite hefty US inventory fall

  • India posts record daily infections and deaths.
  • US crude stockpiles slump after export surge –EIA.
06 May 2021

LONDON: Oil prices slipped after early gains on Thursday, pressured by rising COVID-19 infections in India and elsewhere and despite a much sharper than expected fall in US crude inventories.

Brent crude oil futures fell by 48 cents, or 0.7%, to $68.48 a barrel by 1355 GMT. West Texas Intermediate (WTI) US crude futures 54 cents, or 0.8%, to $65.09.

Both benchmarks hit their highest since mid-March on Wednesday before retreating to close little changed after two days of gains.

Hopes that India's deadly second coronavirus wave was about to peak were swept away on Thursday as it posted record daily infections and deaths, with the virus spreading from cities to villages across the world's second-most populous nation.

"The record numbers of new infections in India have been making the headlines and fuelling fears that demand may recover more slowly," Commerzbank said.

At the same time, easing restrictions in Europe and falling US crude inventories provided price support.

"As the rollout of vaccines continues and a pent-up summer driving season continues to manifest, this trend should accelerate, keeping demand for motor fuels robust and boosting market confidence in the recovery story," Citi analysts said in a note.

US crude stocks fell more than expected last week as refining output rose and exports surged, the Energy Information Administration said on Wednesday.

Crude inventories fell by 8 million barrels to 485.1 million barrels in the week to April 30, compared with expectations in a Reuters poll for a drop of 2.3 million barrels.

This fall was chiefly attributable to "a massive fall in net crude oil imports to around 1.3 million barrels per day, their lowest level in at least 40 years", Commerzbank analysts said.

They added that gasoline demand in the world's largest oil importer has proved disappointing, with stocks rising slightly last week.