AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

LONDON: Oil prices fell on Tuesday after the US government said it would release more crude from its Strategic Petroleum Reserve and edged down further after US inflation data, even though the annual rate of price increases had slowed.

Brent crude futures dropped by $2.01, or 2.3%, to $84.60 a barrel by 1414 GMT and US crude futures were down $2.21, or 2.8%, at $77.93. Both benchmarks were on track for their biggest daily percentage fall since Feb. 3.

The US Department of Energy (DOE) said it would sell 26 million barrels of oil from the SPR, which is already at its lowest level since 1983.

Oil edges higher as market weighs Russian supply cuts amid demand fears

The DOE had considered cancelling the sale after US President Joe Biden’s administration last year sold a record 180 million barrels from the reserve. But that would have required Congress to act to change the mandate.

Supply concerns also eased after the Energy Information Administration said it expected record March production from the seven biggest US shale basins.

Elsewhere, crude exports resumed at a key Turkish port after a devastating earthquake rocked the region.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) raised its 2023 oil demand forecast by 100,000 barrels per day, citing the reopening of the Chinese economy after COVID restrictions.

A monthly report from the International Energy Agency (IEA) is due on Wednesday.

US consumer prices accelerated in January, but the annual increase was the smallest since late 2021, increasing the likelihood of less aggressive interest rate hikes by the US Federal Reserve.

A Reuters poll showed a majority of economists expect the Fed to raise interest rates at least twice more in the coming months to calm inflation, potentially weighing on risk assets such as oil.

“The broader view has not changed: inflation will ultimately be defeated,” said PVM analyst Tamas Varga, adding that Chinese economic growth and oil demand are set to revive in the second half of the year.

Also read:

Comments

Comments are closed.