AVN 65.45 Increased By ▲ 0.50 (0.77%)
BAFL 30.65 Decreased By ▼ -0.86 (-2.73%)
BOP 4.83 Increased By ▲ 0.04 (0.84%)
CNERGY 3.72 Decreased By ▼ -0.12 (-3.13%)
DFML 14.26 Decreased By ▼ -0.15 (-1.04%)
DGKC 41.06 Decreased By ▼ -0.54 (-1.3%)
EPCL 46.56 Decreased By ▼ -0.14 (-0.3%)
FCCL 11.35 Increased By ▲ 0.06 (0.53%)
FFL 5.03 Decreased By ▼ -0.02 (-0.4%)
FLYNG 5.78 Decreased By ▼ -0.04 (-0.69%)
GGL 10.28 Decreased By ▼ -0.17 (-1.63%)
HUBC 67.03 Increased By ▲ 1.39 (2.12%)
HUMNL 5.68 Increased By ▲ 0.02 (0.35%)
KAPCO 27.85 Increased By ▲ 0.10 (0.36%)
KEL 2.19 Increased By ▲ 0.04 (1.86%)
LOTCHEM 24.83 Increased By ▲ 0.48 (1.97%)
MLCF 21.37 Decreased By ▼ -0.11 (-0.51%)
NETSOL 84.20 Decreased By ▼ -0.59 (-0.7%)
OGDC 85.94 Decreased By ▼ -1.31 (-1.5%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.17 Decreased By ▼ -0.05 (-1.18%)
PPL 74.56 Decreased By ▼ -1.14 (-1.51%)
PRL 13.40 Decreased By ▼ -0.25 (-1.83%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.44 Decreased By ▼ -0.89 (-2.15%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.42 Decreased By ▼ -0.22 (-1.41%)
TRG 111.63 Decreased By ▼ -0.07 (-0.06%)
UNITY 13.76 Decreased By ▼ -0.22 (-1.57%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Follow us

NEW YORK: Oil prices rose on Thursday for a second day, briefly touching $90 per barrel as leading OPEC+ members were discussing an output cut next week, but gains moderated on a stronger dollar and weak economic outlook.

Brent crude futures for November rose 18 cents to $89.50 a barrel by 11:13 a.m. EST (1513 GMT), after briefly rising above $90 a barrel. U.S. crude futures for November rose 31 cents to $82.47.

Leading members of the Organization of the Petroleum Exporting Countries and their allies known as OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters.

One OPEC source said a cut looks likely, but gave no indication of volumes.

Reuters reported this week that Russia is likely to propose that OPEC+ reduce oil output by about 1 million barrels per day (bpd).

About 157,706 bpd of oil production was shut in the Gulf of Mexico as of Wednesday following Hurricane Ian, according to federal data. Production is expected to return in coming days.

Oil prices rise on surprise drop in US crude, fuel stocks

“What is limiting the downside a bit is the inventory draws in the U.S. released yesterday and oil product inventories declines in Singapore and Northern Europe today,” said Giovanni Staunovo, analyst at Swiss bank UBS.

Both crude benchmarks rebounded from nine-month lows early this week, buoyed by a temporary dive in the dollar index and a larger than expected U.S. fuel inventory drawdown.

The dollar index rose again on Thursday, dampening investor risk appetite and stoking recession fears.

“For now, fundamentals are taking a back seat, and broader market sentiment is driving prices lower,” said Matt Smith, lead oil analyst for the Americas at Kpler.

In China, the world’s biggest crude oil importer, travel during the forthcoming week-long national holiday is set to hit its lowest level in years as Beijing’s zero-COVID rules keep people at home while economic woes curb spending.

Comments

Comments are closed.

Oil up near $90 as OPEC+ considers output cut

Talks extended for two days: IMF demands govt withdraw power subsidy

All set for inking pact with Denmark under DETI

FBR to check benami transactions of civil servants

Musharraf, the ‘architect’ of Kargil war, dies

TTP celebrates death

COAS reaches UK on five-day visit

China delivers two Hualong-1 nuclear power units

KSA warns sanctions, underinvestment may cause energy shortages

Steel industry: SBP urged to help resolve issue of LCs

Duty on castor oil: Customs’ wing endorses viewpoint of importer