ANL 18.71 Increased By ▲ 0.48 (2.63%)
ASC 14.08 Increased By ▲ 0.31 (2.25%)
ASL 22.35 Increased By ▲ 0.10 (0.45%)
BOP 8.17 Increased By ▲ 0.11 (1.36%)
BYCO 7.30 Increased By ▲ 0.24 (3.4%)
FCCL 17.11 Decreased By ▼ -0.30 (-1.72%)
FFBL 22.25 No Change ▼ 0.00 (0%)
FFL 15.47 Increased By ▲ 0.17 (1.11%)
FNEL 7.35 Increased By ▲ 0.10 (1.38%)
GGGL 16.60 Increased By ▲ 0.36 (2.22%)
GGL 38.26 Increased By ▲ 0.66 (1.76%)
HUMNL 6.05 Increased By ▲ 0.12 (2.02%)
JSCL 18.00 Increased By ▲ 0.10 (0.56%)
KAPCO 35.10 Decreased By ▼ -0.12 (-0.34%)
KEL 3.40 Increased By ▲ 0.12 (3.66%)
MDTL 2.37 Increased By ▲ 0.05 (2.16%)
MLCF 33.65 Decreased By ▼ -0.79 (-2.29%)
NETSOL 116.10 Increased By ▲ 3.50 (3.11%)
PACE 4.71 Increased By ▲ 0.09 (1.95%)
PAEL 28.00 Increased By ▲ 0.20 (0.72%)
PIBTL 8.79 Increased By ▲ 0.09 (1.03%)
POWER 7.20 Increased By ▲ 0.05 (0.7%)
PRL 16.35 Increased By ▲ 0.25 (1.55%)
PTC 9.70 Increased By ▲ 0.25 (2.65%)
SILK 1.48 No Change ▼ 0.00 (0%)
SNGP 46.60 Increased By ▲ 1.05 (2.31%)
TELE 17.38 Increased By ▲ 1.21 (7.48%)
TRG 159.81 Increased By ▲ 0.33 (0.21%)
UNITY 31.67 Increased By ▲ 0.47 (1.51%)
WTL 2.86 Increased By ▲ 0.10 (3.62%)
BR100 4,694 Increased By ▲ 17.62 (0.38%)
BR30 22,272 Increased By ▲ 222.27 (1.01%)
KSE100 44,965 Increased By ▲ 147.11 (0.33%)
KSE30 17,707 Increased By ▲ 65.18 (0.37%)

Coronavirus
HIGH Source: covid.gov.pk
Pakistan Deaths
27,638
4124hr
Pakistan Cases
1,241,825
1,40024hr
3.17% positivity
Sindh
456,343
Punjab
429,655
Balochistan
32,875
Islamabad
105,217
KPK
173,353
Markets

Oil rallies to $73 on tight US supplies

• About three quarters of Gulf offshore oil output halted • Upcoming revisions to 2022 oil demand outlook in...
11 Sep 2021

• About three quarters of Gulf offshore oil output halted

• Upcoming revisions to 2022 oil demand outlook in focus

LONDON: Oil rose to around $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.

About three quarters of the U.S. Gulf’s offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That amount is roughly equal to what OPEC member Nigeria produces.

“With the restart in offshore crude production lagging, the odds are that the Ida effect will still be felt in the coming weeks,” said Stephen Brennock of oil broker PVM.

Brent crude rose $1.57, or 2.2%, to $73.02 by 1330 GMT. U.S. West Texas Intermediate (WTI) crude added $1.58, or 2.3%, to $69.72.

Oil and equity markets also got a boost from news of a call between U.S. President Joe Biden and his Chinese counterpart Xi Jinping. The call raised hopes for warmer relations and more global trade, analysts said.

“The Biden-Xi phone call has had the same effect on oil markets as it has on other asset classes,” said Jeffrey Halley, analyst at brokerage OANDA.

Brent was on track to end the week with a small gain and has rallied 41% this year, driven by supply cuts by the Organization of the Petroleum Exporting Countries and some demand recovery from the pandemic.

On Thursday, both crude contracts had fallen more than 1% after China said it would release crude oil reserves via public auction to help ease high feedstock costs for refiners, a move described as a first.

In focus next week will be revisions to the oil demand outlook for 2022 from OPEC and the International Energy Agency.

OPEC will likely revise down its forecast on Monday, two OPEC+ sources said.

Comments

Comments are closed.