ANL 23.80 Increased By ▲ 0.04 (0.17%)
ASC 16.40 Increased By ▲ 0.20 (1.23%)
ASL 22.65 Increased By ▲ 0.30 (1.34%)
BOP 8.38 Increased By ▲ 0.16 (1.95%)
BYCO 8.81 Decreased By ▼ -0.12 (-1.34%)
FCCL 18.47 Decreased By ▼ -0.04 (-0.22%)
FFBL 24.60 Decreased By ▼ -0.30 (-1.2%)
FFL 18.05 Increased By ▲ 0.12 (0.67%)
FNEL 8.54 Increased By ▲ 0.06 (0.71%)
GGGL 22.30 No Change ▼ 0.00 (0%)
GGL 43.95 Increased By ▲ 0.45 (1.03%)
HUMNL 7.17 Increased By ▲ 0.32 (4.67%)
JSCL 21.58 Increased By ▲ 1.44 (7.15%)
KAPCO 38.10 Increased By ▲ 0.08 (0.21%)
KEL 3.60 Increased By ▲ 0.03 (0.84%)
MDTL 3.07 No Change ▼ 0.00 (0%)
MLCF 36.48 Decreased By ▼ -0.62 (-1.67%)
NETSOL 157.75 Increased By ▲ 3.60 (2.34%)
PACE 6.01 Decreased By ▼ -0.13 (-2.12%)
PAEL 31.65 Increased By ▲ 0.25 (0.8%)
PIBTL 9.47 Increased By ▲ 0.09 (0.96%)
POWER 8.04 Decreased By ▼ -0.01 (-0.12%)
PRL 20.98 Decreased By ▼ -0.17 (-0.8%)
PTC 10.38 Decreased By ▼ -0.22 (-2.08%)
SILK 1.69 Increased By ▲ 0.15 (9.74%)
SNGP 43.75 Increased By ▲ 0.40 (0.92%)
TELE 22.70 Decreased By ▼ -0.53 (-2.28%)
TRG 175.91 Increased By ▲ 8.66 (5.18%)
UNITY 36.97 Increased By ▲ 2.25 (6.48%)
WTL 3.33 Increased By ▲ 0.21 (6.73%)
BR100 5,026 Increased By ▲ 52.36 (1.05%)
BR30 24,773 Increased By ▲ 557.21 (2.3%)
KSE100 46,920 Increased By ▲ 203.74 (0.44%)
KSE30 18,658 Increased By ▲ 98.44 (0.53%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,004
6624hr
Pakistan Cases
1,215,821
3,01224hr
5.3% positivity
Sindh
447,678
Punjab
418,196
Balochistan
32,671
Islamabad
103,549
KPK
169,972

DUBAI: Oil prices tumbled on Tuesday in a volatile session after OPEC producers cancelled a meeting when major players were unable to come to an agreement to increase supply. Brent crude settled down $2.63 a barrel, or 3.4%, to $74.53, after hitting a session peak of $77.84, its highest since October 2018.

U.S. West Texas Intermediate (WTI) crude futures settled down $1.79, or 2.4%, to $73.37 after touching $76.98, highest since November 2014. On Monday, ministers from OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, abandoned talks after negotiations failed to close divisions between Saudi Arabia, the largest OPEC producer, and United Arab Emirates.

Initially, oil rallied on news of the breakdown in talks, but prices retreated as traders focused on the possibility that the strife will cause some national producers to open the taps and start exporting more barrels.

"The market is concerned that the UAE will step in and unilaterally add barrels and other people in OPEC will follow suit," said Bob Yawger, director of energy futures at Mizuho.

The United Arab Emirates said it would go along with output increases but rejected a separate proposal to extend curbs to the end of 2022 from an existing April deadline.

Some OPEC+ sources said they still believed the group would resume discussions this month and agree to pump more from August, though others said current curbs might remain in place.

The White House said Tuesday it was closely monitoring talks by OPEC+ and was "encouraged" after conversations with officials in Saudi Arabia and the United Arab Emirates.

Comments

Comments are closed.