AGL 5.60 Decreased By ▼ -0.18 (-3.11%)
ANL 8.88 No Change ▼ 0.00 (0%)
AVN 76.20 Decreased By ▼ -2.72 (-3.45%)
BOP 5.24 Decreased By ▼ -0.04 (-0.76%)
CNERGY 4.60 Decreased By ▼ -0.10 (-2.13%)
EFERT 81.15 Decreased By ▼ -0.45 (-0.55%)
EPCL 50.25 Decreased By ▼ -0.66 (-1.3%)
FCCL 13.10 Decreased By ▼ -0.28 (-2.09%)
FFL 5.70 Decreased By ▼ -0.02 (-0.35%)
FLYNG 7.06 Decreased By ▼ -0.09 (-1.26%)
FNEL 4.84 Increased By ▲ 0.02 (0.41%)
GGGL 8.88 Decreased By ▼ -0.02 (-0.22%)
GGL 14.50 Decreased By ▼ -1.38 (-8.69%)
HUMNL 5.72 Decreased By ▼ -0.05 (-0.87%)
KEL 2.60 Decreased By ▼ -0.06 (-2.26%)
LOTCHEM 28.74 Decreased By ▼ -0.31 (-1.07%)
MLCF 24.35 Decreased By ▼ -0.75 (-2.99%)
OGDC 71.90 Decreased By ▼ -0.55 (-0.76%)
PAEL 15.01 Decreased By ▼ -0.34 (-2.21%)
PIBTL 4.98 Decreased By ▼ -0.07 (-1.39%)
PRL 15.99 Decreased By ▼ -0.30 (-1.84%)
SILK 1.07 Decreased By ▼ -0.02 (-1.83%)
TELE 9.20 Decreased By ▼ -0.17 (-1.81%)
TPL 7.21 Decreased By ▼ -0.12 (-1.64%)
TPLP 18.40 Decreased By ▼ -0.55 (-2.9%)
TREET 21.54 Decreased By ▼ -0.46 (-2.09%)
TRG 132.30 Decreased By ▼ -8.85 (-6.27%)
UNITY 16.74 Decreased By ▼ -0.28 (-1.65%)
WAVES 9.79 Decreased By ▼ -0.11 (-1.11%)
WTL 1.40 Decreased By ▼ -0.01 (-0.71%)
BR100 4,202 Decreased By -53.3 (-1.25%)
BR30 15,352 Decreased By -380.9 (-2.42%)
KSE100 42,007 Decreased By -386.8 (-0.91%)
KSE30 15,506 Decreased By -157.7 (-1.01%)
Follow us

LONDON: Oil prices fell 2% on Tuesday after soaring by more than $5 barrel in the previous session, weighed by fears that an economic slowdown will hit oil demand, though tight supply and a weaker dollar curbed some losses.

Brent crude futures for September settlement were down $1.64, or 1.5%, at $104.63 a barrel by 1328 GMT. The contract rose 5.1% on Monday, the biggest percentage gain since April 12.

WTI crude futures for August delivery fell by $1.63, or 1.6%, to $100.97 a barrel. The contract climbed 5.1% on Monday, the largest percentage gain since May 11.

The August WTI contract expires on Wednesday, and the more actively traded September contract was at $97.50 a barrel, down $1.92, or 1.9%.

The International Monetary Fund on Tuesday warned that any Russian action to stop supplying Europe with gas would trigger economic contractions of more than 5% over the next year in the Czech Republic, Hungary, Slovakia and Italy, the Financial Times reported.

Russia’s Gazprom told customers in Europe it cannot guarantee gas supplies because of “extraordinary” circumstances, according to a letter seen by Reuters.

Expectations for an increase in US crude inventories also weighed on prices. A preliminary Reuters poll showed that US crude and distillate supplies may have risen last week, while gasoline stockpiles likely fell.

Brent oil may test support at $97.62

Oil prices have whipsawed between concerns over supply as Western sanctions on Russian crude and products over Ukraine disrupt trade flows, and worries that central bank efforts to tame inflation may trigger a demand-destroying recession.

US President Joe Biden visited top oil exporter Saudi Arabia last week, hoping to strike a deal on an oil production boost to tame fuel prices.

However, officials from Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), did not give clear assurances an output increase was secured.

The kingdom’s foreign minister said on Tuesday that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest in more to process crude into various products.

“Prices climbed aggressively as the tight state of affairs on the supply front shifted back into the spotlight,” Stephen Brennock from brokerage PVM said.

Oil prices were also backed by a softer US dollar on Tuesday, which stood around a one-week low, making greenback-dominated oil slightly cheaper for buyers holding other currencies.

Comments

Comments are closed.

Oil prices fall on economic slowdown warnings

UN launches record $51.5bn funding appeal

Intra-day update: rupee maintains positive momentum against US dollar

US brands South Asian Al-Qaeda, TTP militants as global terrorists

Imran Khan says Senator Azam Swati treated in 'vengeful manner'

Deemed income on capital assets: Taxpayers required to file new form separately

Oil prices mixed on easing COVID curbs in China, firm dollar

Under-pressure Pakistan 17-0 at lunch after England’s mammoth 657

Jul-Nov trade deficit shrinks 30.14pc to $14.406bn YoY

PRL barred from shutting down this month

No curbs on oil, LNG and POL products’ LCs: SBP