AVN 64.89 Decreased By ▼ -0.11 (-0.17%)
BAFL 30.80 Decreased By ▼ -0.35 (-1.12%)
BOP 4.72 Increased By ▲ 0.01 (0.21%)
CNERGY 3.89 Increased By ▲ 0.01 (0.26%)
DFML 13.60 Decreased By ▼ -0.10 (-0.73%)
DGKC 41.66 Increased By ▲ 0.39 (0.94%)
EPCL 46.39 Decreased By ▼ -0.30 (-0.64%)
FCCL 11.40 Decreased By ▼ -0.02 (-0.18%)
FFL 5.04 No Change ▼ 0.00 (0%)
FLYNG 5.83 Increased By ▲ 0.01 (0.17%)
GGL 9.98 Increased By ▲ 0.03 (0.3%)
HUBC 64.90 Increased By ▲ 0.80 (1.25%)
HUMNL 5.74 Increased By ▲ 0.09 (1.59%)
KAPCO 27.97 Increased By ▲ 0.17 (0.61%)
KEL 2.16 Increased By ▲ 0.03 (1.41%)
LOTCHEM 24.72 Increased By ▲ 0.42 (1.73%)
MLCF 21.43 Increased By ▲ 0.03 (0.14%)
NETSOL 84.26 Increased By ▲ 0.06 (0.07%)
OGDC 88.45 Increased By ▲ 0.51 (0.58%)
PAEL 11.01 Increased By ▲ 0.11 (1.01%)
PIBTL 4.21 Increased By ▲ 0.03 (0.72%)
PPL 78.88 Increased By ▲ 1.18 (1.52%)
PRL 13.57 Decreased By ▼ -0.05 (-0.37%)
SILK 0.90 Increased By ▲ 0.01 (1.12%)
SNGP 41.71 Decreased By ▼ -0.22 (-0.52%)
TELE 5.90 Increased By ▲ 0.03 (0.51%)
TPLP 15.88 Increased By ▲ 0.10 (0.63%)
TRG 111.40 Decreased By ▼ -0.90 (-0.8%)
UNITY 14.01 Increased By ▲ 0.06 (0.43%)
WTL 1.15 Increased By ▲ 0.02 (1.77%)
BR100 4,064 Increased By 16.3 (0.4%)
BR30 14,544 Increased By 77.6 (0.54%)
KSE100 40,741 Increased By 67.5 (0.17%)
KSE30 15,264 Increased By 73.4 (0.48%)
Follow us

HOUSTON: Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and an expected build in US oil inventories. Brent futures for March delivery fell $2.06, or 2.3%, to $86.13 a barrel. US crude fell $1.49, or 1.8%, to $80.13 per barrel.

US business activity contracted in January for the seventh straight month, though the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began.

The US economy “still could roll over and some energy traders are still sceptical on how quickly China’s crude demand will bounce back this quarter,” OANDA analyst Edward Moya said in a note.

Euro zone business activity made a surprise return to modest growth in January, S&P Global’s flash Composite Purchasing Managers’ Index (PMI) showed. Yet British private sector economic activity fell at its fastest rate in two years.

Economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues take a hit from an expected mild global slowdown, according to the median view from a Reuters poll of economists.

Reports are due from the American Petroleum Institute, at 4:30 p.m. ET (2130 GMT) on Tuesday, and from the Energy Information Administration, at 10:30 a.m. (1530 GMT) on Wednesday.

Meanwhile, an OPEC+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as hopes of higher Chinese demand driving an oil price rally are balanced by worries over inflation and a global economic slowdown.

Comments

1000 characters

Oil dips $2 on global economic concerns

Fitch says PKR to further weaken

Country braces for fuel shortages?

IMF revises GDP growth projections downward

Govt plans to convert Rs800bn PHL debt into public debt

Nepra FCA decision: Power Div proposes revision

KE, Discos: Nepra approves negative tariff adjustments

Jul-Dec: govt has borrowed $5.595bn

In West Bank, US presses for two-state solution

Paracetamol: govt to allow increase in price

Zardari for increasing minimum wages to Rs 35,000