ANL 14.34 Decreased By ▼ -0.41 (-2.78%)
ASC 13.95 Decreased By ▼ -0.05 (-0.36%)
ASL 15.10 No Change ▼ 0.00 (0%)
BOP 8.52 Decreased By ▼ -0.08 (-0.93%)
BYCO 6.54 Decreased By ▼ -0.15 (-2.24%)
FCCL 18.80 No Change ▼ 0.00 (0%)
FFBL 26.85 Increased By ▲ 0.35 (1.32%)
FFL 11.00 Decreased By ▼ -0.19 (-1.7%)
FNEL 10.51 Decreased By ▼ -0.38 (-3.49%)
GGGL 16.25 Increased By ▲ 0.55 (3.5%)
GGL 31.50 Decreased By ▼ -0.61 (-1.9%)
HUMNL 6.24 Decreased By ▼ -0.11 (-1.73%)
JSCL 16.89 Decreased By ▼ -0.37 (-2.14%)
KAPCO 33.10 Decreased By ▼ -0.15 (-0.45%)
KEL 3.27 Increased By ▲ 0.04 (1.24%)
MDTL 2.27 No Change ▼ 0.00 (0%)
MLCF 37.10 Increased By ▲ 0.65 (1.78%)
NETSOL 102.80 Increased By ▲ 0.64 (0.63%)
PACE 4.68 Increased By ▲ 0.28 (6.36%)
PAEL 23.15 Decreased By ▼ -0.40 (-1.7%)
PIBTL 7.86 Increased By ▲ 0.16 (2.08%)
POWER 7.05 Increased By ▲ 0.29 (4.29%)
PRL 13.66 Decreased By ▼ -0.27 (-1.94%)
PTC 8.90 Decreased By ▼ -0.17 (-1.87%)
SILK 1.31 Decreased By ▼ -0.04 (-2.96%)
SNGP 41.70 Decreased By ▼ -0.10 (-0.24%)
TELE 16.99 Increased By ▲ 0.06 (0.35%)
TRG 87.75 Decreased By ▼ -2.76 (-3.05%)
UNITY 25.35 Increased By ▲ 0.05 (0.2%)
WTL 2.20 Increased By ▲ 0.05 (2.33%)
BR100 4,671 Increased By ▲ 6.15 (0.13%)
BR30 18,834 Increased By ▲ 159.86 (0.86%)
KSE100 45,369 Increased By ▲ 296.76 (0.66%)
KSE30 17,576 Increased By ▲ 146.24 (0.84%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,737
924hr
Pakistan Cases
1,285,254
41424hr
0.98% positivity
Sindh
475,820
Punjab
443,185
Balochistan
33,484
Islamabad
107,722
KPK
180,075

NEW YORK: Oil prices rose more than $1 a barrel on Thursday, rebounding on optimism about global economic growth despite the coronavirus pandemic, and after US crude inventories fell more than anticipated.

Brent crude ended up $1.44, or 2%, at $73.03 a barrel. West Texas Intermediate (WTI) crude settled up $1.40, or 2%, to $69.99 a barrel.

The rally briefly pushed US crude futures above the 50-day moving average for the first time in a month, a signal of bullishness for investors. In addition, later-dated crude contracts rallied more than the front-month, another sign that market participants expect demand to rise as supply declines.

In the United States, crude inventories dropped by 7.2 million barrels last week, the Energy Information Administration said on Wednesday.

“There are good reasons for this rally - we have 1.5 mln barrels still offline in the Gulf, yesterday’s crude number was down 7.2 million barrels and storage was at its lowest level since September 2019,” said Robert Yawger, director of energy futures at Mizuho.

The number of Americans filing new claims for jobless benefits fell last week, while layoffs in August dropped to their lowest level in more than 24 years, suggesting the labor market was charging ahead despite new COVID-19 infections.

Optimistic about the global economic recovery, the Organization of the Petroleum Exporting Countries and allied producers including Russia, together known as OPEC+, raised its demand forecast for 2022.

On Wednesday, the group agreed to continue a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd). It did not take up entreaties from the United States to accelerate removal of those supply curbs. Hurricane Ida, meanwhile, has shut about 80% of the Gulf of Mexico’s oil and gas output. Oil refineries in Louisiana could take weeks to restart, which will sap crude demand, but that could be offset by slow ramp-up of production offshore due to damage to key support facilities.

“Crude oil processing will probably take considerably longer to recover from the outages than crude oil production, which suggests that crude oil stocks will increase in the coming weeks,” said Commerzbank analyst Carsten Fritsch.

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

Comments

Comments are closed.