AIRLINK 57.90 Increased By ▲ 2.86 (5.2%)
BOP 6.24 Decreased By ▼ -0.05 (-0.79%)
CNERGY 4.02 Increased By ▲ 0.07 (1.77%)
DFML 15.73 Increased By ▲ 0.09 (0.58%)
DGKC 68.49 Increased By ▲ 2.49 (3.77%)
FCCL 17.72 Increased By ▲ 0.70 (4.11%)
FFBL 25.69 Increased By ▲ 1.24 (5.07%)
FFL 9.26 Increased By ▲ 0.26 (2.89%)
GGL 9.74 Increased By ▲ 0.30 (3.18%)
HBL 111.74 Increased By ▲ 1.74 (1.58%)
HUBC 114.81 Increased By ▲ 1.46 (1.29%)
HUMNL 6.45 Increased By ▲ 0.10 (1.57%)
KEL 4.30 Increased By ▲ 0.02 (0.47%)
KOSM 3.55 Increased By ▲ 0.43 (13.78%)
MLCF 37.42 Increased By ▲ 1.02 (2.8%)
OGDC 117.20 Increased By ▲ 3.71 (3.27%)
PAEL 22.99 Increased By ▲ 0.99 (4.5%)
PIAA 11.31 Increased By ▲ 0.12 (1.07%)
PIBTL 5.71 Increased By ▲ 0.21 (3.82%)
PPL 105.32 Increased By ▲ 2.63 (2.56%)
PRL 26.45 Increased By ▲ 1.31 (5.21%)
PTC 9.49 Increased By ▲ 0.04 (0.42%)
SEARL 53.34 Increased By ▲ 3.72 (7.5%)
SNGP 64.79 Increased By ▲ 1.94 (3.09%)
SSGC 10.94 Increased By ▲ 0.18 (1.67%)
TELE 7.15 Increased By ▲ 0.18 (2.58%)
TPLP 11.79 Increased By ▲ 0.26 (2.25%)
TRG 72.25 Increased By ▲ 4.65 (6.88%)
UNITY 20.63 Increased By ▲ 0.13 (0.63%)
WTL 1.29 Increased By ▲ 0.07 (5.74%)
BR100 6,286 Increased By 123 (2%)
BR30 21,586 Increased By 604.2 (2.88%)
KSE100 61,559 Increased By 1094.9 (1.81%)
KSE30 20,718 Increased By 420.9 (2.07%)

NEW YORK: Oil prices fell about 1 percent on Thursday as US crude inventories swelled to their highest in months, while the prospect of the Federal Reserve continuing with an aggressive rate hike path rattled sparked fears about weakening fuel demand.

Brent crude futures slipped 86 cents to $84.23 a barrel by 11:57 a.m. ET (1657 GMT), while US West Texas Intermediate (WTI) crude futures fell 87 cents to $77.60 a barrel. Both benchmarks have gained more than 5% so far this week.

“Relentlessly rising US commercial inventories and potentially entrenched inflation limit any immediate upside potential,” said PVM analyst Tamas Varga, adding that recovering Chinese demand and falling inflation were set to support oil prices in the second half of the year.

Crude oil stocks in the United States rose last week to 455.1 million barrels, their highest since June 2021, boosted by growing production, the Energy Information Administration said. Gasoline and distillate inventories also rose last week, the EIA said, during unseasonably mild winter months.

US Federal Reserve officials said more interest rate rises are on the cards as the bank presses on with its efforts to cool inflation, sending bearish signals across risk assets like oil and equities.

The prospect of stronger demand from China provided some support to oil prices, as the world’s second largest oil consumer ended more than three years of stringent zero-COVID policy.

“We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1,” analysts from ANZ bank wrote in a note.

Comments

Comments are closed.