AGL 6.45 No Change ▼ 0.00 (0%)
ANL 9.70 Increased By ▲ 0.20 (2.11%)
AVN 77.60 Increased By ▲ 2.65 (3.54%)
BOP 5.43 Increased By ▲ 0.08 (1.5%)
CNERGY 4.97 Increased By ▲ 0.17 (3.54%)
EFERT 77.25 Decreased By ▼ -0.75 (-0.96%)
EPCL 55.49 Increased By ▲ 1.34 (2.47%)
FCCL 15.36 Increased By ▲ 0.36 (2.4%)
FFL 6.48 Increased By ▲ 0.28 (4.52%)
FLYNG 7.47 Increased By ▲ 0.46 (6.56%)
GGGL 10.45 Increased By ▲ 0.40 (3.98%)
GGL 16.39 Increased By ▲ 0.45 (2.82%)
GTECH 8.37 Increased By ▲ 0.52 (6.62%)
HUMNL 6.45 Increased By ▲ 0.18 (2.87%)
KEL 2.93 Increased By ▲ 0.10 (3.53%)
LOTCHEM 28.34 Increased By ▲ 0.69 (2.5%)
MLCF 28.08 Increased By ▲ 1.08 (4%)
OGDC 73.85 Increased By ▲ 0.50 (0.68%)
PAEL 15.55 Increased By ▲ 0.25 (1.63%)
PIBTL 5.35 Increased By ▲ 0.20 (3.88%)
PRL 17.39 Increased By ▲ 1.29 (8.01%)
SILK 1.07 Increased By ▲ 0.03 (2.88%)
TELE 10.96 Increased By ▲ 0.51 (4.88%)
TPL 7.81 Increased By ▲ 0.12 (1.56%)
TPLP 19.66 Increased By ▲ 0.44 (2.29%)
TREET 23.85 Increased By ▲ 1.10 (4.84%)
TRG 126.90 Increased By ▲ 11.00 (9.49%)
UNITY 23.06 Increased By ▲ 1.26 (5.78%)
WAVES 11.55 Increased By ▲ 0.40 (3.59%)
WTL 1.14 Increased By ▲ 0.02 (1.79%)
BR100 4,126 Increased By 86.6 (2.14%)
BR30 15,495 Increased By 511.5 (3.41%)
KSE100 41,152 Increased By 531.3 (1.31%)
KSE30 15,420 Increased By 206.9 (1.36%)
Follow us

NEW YORK: Oil prices rose one percent on Thursday, bolstered by strong US economic data that offset investors’ concerns about the potential for a rise in Iranian supplies.

Brent rose 59 cents, 0.9%, to settle at $69.46 a barrel. US West Texas Intermediate (WTI) crude rose 64 cents, or 1%, to settle at $66.85 a barrel.

The number of Americans filing new claims for unemployment benefits dropped more than expected last week, according to data from the US Labor Department.

The US economy, which in the first quarter notched its second-fastest growth pace since the third quarter of 2003, is gathering momentum, with other data on Thursday showing business spending on equipment accelerated in April.

“That’s given us more of a risk-on attitude about the markets,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “We’re back to focusing on supply and demand.”

The prospect of Iranian supplies re-entering the market has pressured prices. Iran and global powers have been negotiating since April about Washington lifting sanctions on Iran, including its energy sector, in return for Iranian compliance with restrictions on its nuclear work.

Those talks will be a major issue for a June 1 meeting of the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+. The group is likely to continue gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply.

Comments

Comments are closed.