AVN 67.05 Increased By ▲ 1.85 (2.84%)
BAFL 31.05 Increased By ▲ 0.31 (1.01%)
BOP 4.88 Increased By ▲ 0.08 (1.67%)
CNERGY 3.78 Increased By ▲ 0.07 (1.89%)
DFML 14.49 Increased By ▲ 0.28 (1.97%)
DGKC 41.61 Increased By ▲ 0.56 (1.36%)
EPCL 46.22 Decreased By ▼ -0.23 (-0.5%)
FCCL 11.63 Increased By ▲ 0.23 (2.02%)
FFL 5.11 Increased By ▲ 0.06 (1.19%)
FLYNG 5.80 No Change ▼ 0.00 (0%)
GGL 10.40 Increased By ▲ 0.07 (0.68%)
HUBC 67.54 Increased By ▲ 0.67 (1%)
HUMNL 5.77 Increased By ▲ 0.06 (1.05%)
KAPCO 28.00 Increased By ▲ 0.24 (0.86%)
KEL 2.29 Increased By ▲ 0.09 (4.09%)
LOTCHEM 25.06 Increased By ▲ 0.16 (0.64%)
MLCF 21.67 Increased By ▲ 0.23 (1.07%)
NETSOL 86.06 Increased By ▲ 2.46 (2.94%)
OGDC 92.38 Increased By ▲ 6.48 (7.54%)
PAEL 11.06 Increased By ▲ 0.05 (0.45%)
PIBTL 4.23 Increased By ▲ 0.01 (0.24%)
PPL 80.15 Increased By ▲ 5.67 (7.61%)
PRL 13.64 Increased By ▲ 0.21 (1.56%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 43.47 Increased By ▲ 3.07 (7.6%)
TELE 5.93 Increased By ▲ 0.07 (1.19%)
TPLP 15.82 Increased By ▲ 0.42 (2.73%)
TRG 114.88 Increased By ▲ 3.47 (3.11%)
UNITY 13.76 Increased By ▲ 0.01 (0.07%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,124 Increased By 87 (2.16%)
BR30 14,930 Increased By 518.1 (3.59%)
KSE100 41,191 Increased By 719.6 (1.78%)
KSE30 15,494 Increased By 331.4 (2.19%)
Markets

Oil slides 2% on worries about weak demand

  • US West Texas Intermediate crude was down $1.45 or 2.1% from Friday's close at $67.84 a barrel at 1648 GMT
Published September 7, 2021
Follow us

CALGARY, ALBERTA: Oil prices fell on Tuesday on concerns about weak demand in the United States and Asia, although ongoing production outages on the US Gulf Coast helped to limit losses.

Industry analysts said a strengthening US dollar also weighed on crude prices. A strong dollar makes oil more expensive for holders of other currencies.

US West Texas Intermediate crude was down $1.45 or 2.1% from Friday's close at $67.84 a barrel at 1648 GMT. There was no settlement price for Monday due to the Labor Day holiday in the United States.

Brent crude futures fell 93 cents, or 1.3%, to $71.30 a barrel by, after falling 39 cents on Monday.

The US economy created the fewest jobs in seven months in August as hiring in the leisure and hospitality sector stalled amid a resurgence in COVID-19 infections.

Analysts said the oil market was still assessing the data from Friday as well as Saudi Aramco's move on Sunday to cut October official selling prices (OSPs) for all its crude grades sold to Asia by at least $1 a barrel.

Gold dips as uptick in yields, dollar dent appeal

The deep price cuts, a sign that consumption in the world's top-importing region remains tepid, come as lockdowns across Asia to combat the Delta variant of the coronavirus have clouded the economic outlook.

"There's some concern about demand going forward because of a weak jobs report in the US and COVID fears. The market is catching a bad mood," said Phil Flynn, analyst at Price Futures Group in Chicago.

Oil prices found some support from strong Chinese economic indicators and continued outages of US supply from Hurricane Ida.

China's crude oil imports rose 8% in August from a month earlier, customs data showed, while China's economy got a boost as exports unexpectedly grew at a faster pace in August.

More than 80% of oil production in the Gulf of Mexico remained shut after Ida, a US regulator said on Monday, more than a week after the storm made landfall and hit critical infrastructure in the region.

Comments

Comments are closed.

Oil slides 2% on worries about weak demand

Pakistan, IMF grapple for consensus to unlock critical funding

PM Shehbaz orders immediate restoration of Wikipedia

Daraz Group lays off 11% global workforce to prepare for ‘current market reality’

Rupee up 0.46%, ends day at 275.30 against US dollar

KSE-100 jumps over 700 points amid return of positive sentiment

Pharmaceutical companies seek ‘inflationary adjustments’ in medicine prices

Second hike in two weeks: Honda Atlas jacks up car prices by up to Rs550,000

PM Shehbaz announces aid for quake-hit Turkiye

India opens its largest helicopter factory in new defence push

Govt projection of achieving $3bn current account surplus in FY23 ‘unrealistic’: PBC