ANL 12.62 Increased By ▲ 0.32 (2.6%)
ASC 14.65 Increased By ▲ 0.55 (3.9%)
ASL 15.60 Increased By ▲ 0.56 (3.72%)
AVN 104.25 Increased By ▲ 4.00 (3.99%)
BOP 8.42 Decreased By ▼ -0.01 (-0.12%)
CNERGY 6.47 Increased By ▲ 0.07 (1.09%)
FFL 9.17 Increased By ▲ 0.10 (1.1%)
FNEL 8.95 Increased By ▲ 0.28 (3.23%)
GGGL 13.40 Increased By ▲ 0.22 (1.67%)
GGL 20.88 Increased By ▲ 0.98 (4.92%)
GTECH 9.70 Increased By ▲ 0.30 (3.19%)
HUMNL 6.60 No Change ▼ 0.00 (0%)
KEL 3.16 Increased By ▲ 0.06 (1.94%)
KOSM 4.34 Increased By ▲ 0.29 (7.16%)
MLCF 33.65 Increased By ▲ 0.17 (0.51%)
PACE 4.20 Increased By ▲ 0.14 (3.45%)
PIBTL 7.24 Increased By ▲ 0.07 (0.98%)
PRL 14.34 Increased By ▲ 0.23 (1.63%)
PTC 8.68 Decreased By ▼ -0.01 (-0.12%)
SILK 1.34 Increased By ▲ 0.01 (0.75%)
SNGP 33.80 Increased By ▲ 0.20 (0.6%)
TELE 17.88 Increased By ▲ 0.63 (3.65%)
TPL 13.50 Increased By ▲ 0.48 (3.69%)
TPLP 28.02 Increased By ▲ 2.46 (9.62%)
TREET 39.69 Increased By ▲ 0.99 (2.56%)
TRG 83.30 Increased By ▲ 1.56 (1.91%)
UNITY 27.85 Increased By ▲ 0.54 (1.98%)
WAVES 15.05 Increased By ▲ 0.35 (2.38%)
WTL 2.22 Increased By ▲ 0.08 (3.74%)
YOUW 8.09 Increased By ▲ 0.55 (7.29%)
BR100 4,612 Increased By 27 (0.59%)
BR30 17,796 Increased By 227 (1.29%)
KSE100 45,003 Increased By 176.7 (0.39%)
KSE30 17,741 Increased By 75.1 (0.43%)

coronavirus
Coronavirus
VERY HIGH
Source: covid.gov.pk
Pakistan Deaths
29,065
2324hr
Pakistan Cases
1,353,479
7,67824hr
Sindh
516,874
Punjab
458,879
Balochistan
33,812
Islamabad
115,047
KPK
183,403

NEW YORK: Oil prices steadied on Monday after a choppy session as the spread of the COVID-19 Delta variant stoked fears about fuel demand, but losses were limited by forecasts that crude supply will be tight the rest of the year.

Brent crude futures rose 40 cents, or 0.5%, to end the session at $74.50 a barrel, while US West Texas Intermediate crude slipped by 16 cents, or 0.2%, to settle at $71.91.

Early in the session, both benchmarks fell by more than $1 a barrel.

“Risk appetite has clearly massively improved over the last week and just like other risk assets, oil is taking a breather ahead of an intense few days,” Craig Erlam, senior market analyst at OANDA said.

“The second quarter recovery has got pulses racing at the prospect of what’s to come. The next wave of COVID is a downside risk to that but not to the extent that the previous surges have. Optimism is still strong and for good reason.”

Coronavirus cases kept rising over the weekend, with some countries reporting record daily increases and extending lockdown measures. China, the world’s largest crude importer, has also registered a rise in COVID-19 cases.

Some fear China’s oil imports could grow this year at the slowest rate in two decades despite an expected rise in refining rates in the second half, due to Beijing’s crackdown on misuse of import quotas combined with the impact of high crude prices.

“The Delta variant is still spreading and China has started to clamp down on teapots (independent refiners), so their import growth would not be that much,” said Avtar Sandu, a senior commodities manager at Singapore’s Phillips Futures.

Reports from India also point to only muted oil demand, Commerzbank analysts said in a note.

“Oil imports in June decreased to a nine-month low, while crude oil processing was only marginally above the low May level, which was influenced by the pandemic restrictions,” they said.

Still, both crude benchmarks last week recovered from a 7% slump early in the week and marked their first weekly gains in two to three weeks, boosted by strong US demand and expectations of tight supplies.

Inventories at Cushing, Oklahoma, the delivery point for US crude futures, declined by about 2.6 million barrels last week, traders said, citing data from Wood Mackenzie.

Global oil markets are expected to remain in deficit despite a decision by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to raise production through the rest of the year.

“There is seemingly a battle within the energy complex between the prevailing supply deficit engineered by OPEC+ and the threat of the COVID-19 Delta variant in regions with low vaccination rates,” said StoneX analyst Kevin Solomon.

Comments

Comments are closed.