ANL 13.19 Increased By ▲ 0.65 (5.18%)
ASC 12.17 Decreased By ▼ -0.53 (-4.17%)
ASL 13.50 Increased By ▲ 0.04 (0.3%)
BOP 8.31 Decreased By ▼ -0.07 (-0.84%)
BYCO 5.75 Decreased By ▼ -0.21 (-3.52%)
FCCL 17.06 Decreased By ▼ -0.02 (-0.12%)
FFBL 23.61 Decreased By ▼ -0.44 (-1.83%)
FFL 10.05 Increased By ▲ 0.08 (0.8%)
FNEL 9.31 Increased By ▲ 0.06 (0.65%)
GGGL 13.80 Decreased By ▼ -0.20 (-1.43%)
GGL 26.75 Decreased By ▼ -0.30 (-1.11%)
HUMNL 5.66 Decreased By ▼ -0.07 (-1.22%)
JSCL 14.55 Decreased By ▼ -0.45 (-3%)
KAPCO 30.70 Decreased By ▼ -0.90 (-2.85%)
KEL 3.16 Decreased By ▼ -0.06 (-1.86%)
MDTL 2.09 Decreased By ▼ -0.12 (-5.43%)
MLCF 31.90 Decreased By ▼ -0.85 (-2.6%)
NETSOL 89.00 Decreased By ▼ -1.21 (-1.34%)
PACE 4.09 Decreased By ▼ -0.01 (-0.24%)
PAEL 20.42 Decreased By ▼ -0.09 (-0.44%)
PIBTL 7.27 Increased By ▲ 0.02 (0.28%)
POWER 6.31 Decreased By ▼ -0.08 (-1.25%)
PRL 11.80 Decreased By ▼ -0.15 (-1.26%)
PTC 8.69 Decreased By ▼ -0.11 (-1.25%)
SILK 1.19 Increased By ▲ 0.02 (1.71%)
SNGP 37.10 Decreased By ▼ -0.60 (-1.59%)
TELE 14.47 Decreased By ▼ -0.38 (-2.56%)
TRG 79.19 Increased By ▲ 1.51 (1.94%)
UNITY 21.85 Decreased By ▼ -1.05 (-4.59%)
WTL 2.00 Decreased By ▼ -0.03 (-1.48%)
BR100 4,398 Increased By ▲ 17.1 (0.39%)
BR30 16,992 Increased By ▲ 128.7 (0.76%)
KSE100 43,281 Increased By ▲ 47.9 (0.11%)
KSE30 16,777 Increased By ▲ 59.2 (0.35%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,777
1024hr
Pakistan Cases
1,287,161
33624hr
Sindh
476,830
Punjab
443,519
Balochistan
33,507
Islamabad
107,930
KPK
180,383
Markets

Oil steady after mixed U.S. inventory report

  • OPEC+ agreed on Tuesday to continue with plans to ease supply curbs through July, giving oil prices a boost, in anticipation of improved consumption.
04 Jun 2021

NEW YORK: Oil prices were little changed on Thursday, following two straight days of gains that took oil futures to highs not seen in a year, after weekly U.S. crude stocks fell sharply while fuel inventories rose more than expected.

Brent futures for August delivery fell 23 cents to $71.12 a barrel, a 0.3% loss, by 11:27AM EST (15:27 GMT). U.S. crude fell 14 cents to $68.69 per barrel.

Brent crude touched its highest since September 2019 at $71.99 earlier in the session.

WTI prices rose as high as $69.40, strongest since October 2018, after gaining 1.5% in the previous session.

U.S. crude inventories fell by 5.1 million barrels last week, compared with expectations for a decrease of 2.4 million barrels, while gasoline stocks grew by 1.5 million barrels and distillate stockpiles jumped by 3.7 million barrels.

"It's a mixed report due to the rise in inventories for gasoline and diesel fuels and the downtick in implied demand for both gasoline and distillate fuels," John Kilduff, partner at Again Capital in New York.

Oil prices have risen in recent days on expectations from forecasters, including the Organization of the Petroleum Exporting Countries (OPEC) and its allies, that oil demand will exceed supply in the second half of 2021.

OPEC+ agreed on Tuesday to continue with plans to ease supply curbs through July, giving oil prices a boost, in anticipation of improved consumption.

The OPEC+ meeting lasted 20 minutes, the quickest in the group's history, suggesting strong compliance among members and the conviction that demand will recover once the COVID-19 pandemic shows sign of abating.

Also supporting prices was a slowdown in talks between the United States and Iran over Tehran's nuclear program, which reduced expectations for a return of Iranian oil supplies to the market this year.

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.