ANL 12.55 Decreased By ▼ -0.59 (-4.49%)
ASC 12.21 Decreased By ▼ -0.09 (-0.73%)
ASL 13.28 Decreased By ▼ -0.16 (-1.19%)
BOP 8.55 Increased By ▲ 0.14 (1.66%)
BYCO 5.90 Decreased By ▼ -0.10 (-1.67%)
FCCL 17.52 Decreased By ▼ -0.33 (-1.85%)
FFBL 23.80 Decreased By ▼ -0.31 (-1.29%)
FFL 10.01 Decreased By ▼ -0.14 (-1.38%)
FNEL 9.23 Decreased By ▼ -0.29 (-3.05%)
GGGL 14.74 Increased By ▲ 0.64 (4.54%)
GGL 26.36 Increased By ▲ 0.20 (0.76%)
HUMNL 5.85 Increased By ▲ 0.11 (1.92%)
JSCL 15.00 No Change ▼ 0.00 (0%)
KAPCO 31.40 Increased By ▲ 0.15 (0.48%)
KEL 3.32 Decreased By ▼ -0.05 (-1.48%)
MDTL 2.08 Decreased By ▼ -0.02 (-0.95%)
MLCF 32.44 Decreased By ▼ -1.16 (-3.45%)
NETSOL 94.68 Increased By ▲ 3.73 (4.1%)
PACE 4.05 Decreased By ▼ -0.10 (-2.41%)
PAEL 21.00 Increased By ▲ 0.30 (1.45%)
PIBTL 7.35 Decreased By ▼ -0.05 (-0.68%)
POWER 6.25 Decreased By ▼ -0.19 (-2.95%)
PRL 12.29 Increased By ▲ 0.13 (1.07%)
PTC 8.62 Decreased By ▼ -0.06 (-0.69%)
SILK 1.19 No Change ▼ 0.00 (0%)
SNGP 37.84 Increased By ▲ 0.04 (0.11%)
TELE 15.55 Increased By ▲ 1.20 (8.36%)
TRG 93.71 Increased By ▲ 6.53 (7.49%)
UNITY 22.98 Increased By ▲ 1.02 (4.64%)
WTL 2.07 Increased By ▲ 0.04 (1.97%)
BR100 4,487 Increased By ▲ 14.3 (0.32%)
BR30 17,781 Increased By ▲ 186.4 (1.06%)
KSE100 43,847 Decreased By ▼ -6.6 (-0.02%)
KSE30 17,049 Increased By ▲ 43.7 (0.26%)

Coronavirus
LOW
Source: covid.gov.pk
Pakistan Deaths
28,793
924hr
Pakistan Cases
1,287,703
31024hr
Sindh
477,119
Punjab
443,610
Balochistan
33,514
Islamabad
107,989
KPK
180,471

NEW YORK: Oil prices rose on Friday, reversing early losses after OPEC sources said the producer group expected limited US oil output growth this year despite rising prices. OPEC officials got the US production outlook from industry experts, OPEC sources said. This would give the group more power to manage the market in the short term before a potential surge in shale output in 2022.

Brent crude futures rose 38 cents, or 0.5% to $73.47 a barrel by 12:17 p.m. (16:17 GMT). US West Texas Intermediate (WTI) crude futures were up 67 cents, or 0.93% to $71.71 a barrel. Both benchmarks were on track for a weekly gain of about 1%.

"Oil markets are rallying because OPEC is skeptical that the increase in US oil production is going to be enough to change their plans to support prices," said Phil Flynn, senior analyst at Price Futures Group in Chicago.

On Wednesday, Brent settled at its highest price since April 2019, while WTI settled at its highest since October 2018. Prices retreated a bit on Thursday as the US dollar strengthened, making oil more expensive in other currencies.

Sources told Reuters that on Tuesday, officials from OPEC's Economic Commission Board (ECB) and external presenters attended a meeting focused on US output. OPEC heard from more forecasters on the outlook for 2021 and 2022 at a separate meeting on Thursday.

While there was general agreement on limited US supply growth this year, an industry source said for 2022 forecasts ranged from growth of 500,000 bpd to 1.3 million bpd.

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

Comments

Comments are closed.