ANL 22.45 Decreased By ▼ -0.65 (-2.81%)
ASC 15.96 Decreased By ▼ -0.14 (-0.87%)
ASL 22.40 Increased By ▲ 0.15 (0.67%)
BOP 8.40 Decreased By ▼ -0.15 (-1.75%)
BYCO 8.80 Decreased By ▼ -0.16 (-1.79%)
FCCL 17.91 Decreased By ▼ -0.16 (-0.89%)
FFBL 24.95 Increased By ▲ 0.50 (2.04%)
FFL 17.32 Decreased By ▼ -0.58 (-3.24%)
FNEL 8.23 Decreased By ▼ -0.17 (-2.02%)
GGGL 21.43 Decreased By ▼ -0.66 (-2.99%)
GGL 41.20 Decreased By ▼ -1.98 (-4.59%)
HUMNL 7.05 Increased By ▲ 0.03 (0.43%)
JSCL 20.35 Decreased By ▼ -0.50 (-2.4%)
KAPCO 37.96 Increased By ▲ 0.06 (0.16%)
KEL 3.55 Decreased By ▼ -0.06 (-1.66%)
MDTL 2.99 Decreased By ▼ -0.01 (-0.33%)
MLCF 36.67 Increased By ▲ 0.37 (1.02%)
NETSOL 151.40 Decreased By ▼ -1.90 (-1.24%)
PACE 5.85 Decreased By ▼ -0.13 (-2.17%)
PAEL 31.10 Decreased By ▼ -0.10 (-0.32%)
PIBTL 9.31 Decreased By ▼ -0.05 (-0.53%)
POWER 7.91 Increased By ▲ 0.01 (0.13%)
PRL 20.25 Decreased By ▼ -0.60 (-2.88%)
PTC 10.34 Decreased By ▼ -0.06 (-0.58%)
SILK 1.71 Increased By ▲ 0.04 (2.4%)
SNGP 44.67 Increased By ▲ 1.48 (3.43%)
TELE 22.20 Increased By ▲ 0.14 (0.63%)
TRG 174.60 Increased By ▲ 1.10 (0.63%)
UNITY 35.60 Decreased By ▼ -0.60 (-1.66%)
WTL 3.18 Decreased By ▼ -0.07 (-2.15%)
BR100 4,961 Decreased By ▼ -18.06 (-0.36%)
BR30 24,423 Decreased By ▼ -37.02 (-0.15%)
KSE100 46,528 Decreased By ▼ -107.87 (-0.23%)
KSE30 18,422 Decreased By ▼ -58.36 (-0.32%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,246
4024hr
Pakistan Cases
1,226,008
2,16724hr
4.22% positivity
Sindh
450,787
Punjab
422,790
Balochistan
32,769
Islamabad
104,242
KPK
171,388
Markets

Oil extends gains despite rise in US inventories

  • Brent crude futures had gained $2.13, or 3.1%, to $71.48 a barrel
  • US crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures.
21 Jul 2021

LONDON: Oil prices rose more than 3% Wednesday, extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in US oil inventories last week and a weaker demand outlook due to rising COVID-19 infections.

Brent crude futures had gained $2.13, or 3.1%, to $71.48 a barrel by 1403 GMT. US West Texas Intermediate (WTI) crude futures rose by $2.27, or 3.4%, to $69.47 a barrel.

"Oil ... is appearing to have found support as risk appetite increases once again," Ricardo Evangelista, ActivTrades analyst said.

Oil prices fall as China crude import data weighs

"This support comes after the pronounced falls registered during the last few sessions, which were triggered by apprehension over the impact of the Delta variant ..., as well as the agreement between OPEC+ countries to increase production," he added.

Oil prices dropped on Monday following a deal by the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, to boost supply by 400,000 bpd each month from August through December. The sell-off was exacerbated by fears that a rise in cases of the Delta variant of the coronavirus in major markets like the United States, Britain and Japan will affect demand.

A potential rise in US inventories weighed on prices earlier in the session.

US crude stocks rose by 806,000 barrels for the week that ended July 16, according to two market sources, citing American Petroleum Institute figures.

Asia's gasoline crack slips to over 2-week low

Analysts polled by Reuters were expecting a large fall in inventories. Official US Energy Information Administration data is due later on Wednesday.

JPMorgan analysts said global demand is expected to average 99.6 million barrels per day in August, up by 5.4 mbd from April. But they also said: "We only see 4Q21 demand recovering another incremental 330,000 vs a normalised 2019 baseline as colder weather sets in for the northern hemisphere and peak travel season is behind us."

Comments

Comments are closed.