AIRLINK 189.64 Increased By ▲ 0.88 (0.47%)
BOP 13.03 Decreased By ▼ -0.20 (-1.51%)
CNERGY 7.20 Decreased By ▼ -0.06 (-0.83%)
FCCL 39.40 Increased By ▲ 0.69 (1.78%)
FFL 15.00 Increased By ▲ 0.16 (1.08%)
FLYNG 25.78 Decreased By ▼ -0.10 (-0.39%)
HUBC 134.50 Increased By ▲ 0.09 (0.07%)
HUMNL 13.39 Increased By ▲ 0.06 (0.45%)
KEL 4.57 Increased By ▲ 0.34 (8.04%)
KOSM 6.47 Increased By ▲ 0.62 (10.6%)
MLCF 47.30 Increased By ▲ 0.41 (0.87%)
OGDC 205.99 Increased By ▲ 0.25 (0.12%)
PACE 6.21 Increased By ▲ 0.13 (2.14%)
PAEL 38.55 Decreased By ▼ -0.53 (-1.36%)
PIAHCLA 16.86 Increased By ▲ 0.01 (0.06%)
PIBTL 8.02 Increased By ▲ 0.18 (2.3%)
POWER 10.70 Decreased By ▼ -0.01 (-0.09%)
PPL 174.50 Decreased By ▼ -0.11 (-0.06%)
PRL 33.85 Increased By ▲ 0.17 (0.5%)
PTC 23.35 Increased By ▲ 0.27 (1.17%)
SEARL 98.29 Decreased By ▼ -0.23 (-0.23%)
SILK 1.10 Decreased By ▼ -0.02 (-1.79%)
SSGC 31.35 Decreased By ▼ -0.13 (-0.41%)
SYM 17.79 Increased By ▲ 0.13 (0.74%)
TELE 8.26 Increased By ▲ 0.20 (2.48%)
TPLP 12.20 No Change ▼ 0.00 (0%)
TRG 61.60 Increased By ▲ 1.30 (2.16%)
WAVESAPP 11.80 Decreased By ▼ -0.02 (-0.17%)
WTL 1.48 Decreased By ▼ -0.02 (-1.33%)
YOUW 4.08 Increased By ▲ 0.22 (5.7%)
BR100 11,971 Increased By 52.8 (0.44%)
BR30 35,435 Increased By 116.3 (0.33%)
KSE100 113,757 Increased By 668.6 (0.59%)
KSE30 35,498 Increased By 189.1 (0.54%)

NEW YORK: Oil prices slid about 1% on Monday as strong US economic data had investors bracing for more interest rate hikes from the US Federal Reserve to fight inflation which could also cut oil demand.

Losses were limited by oil supply concerns after Russia halted exports to Poland via a key pipeline.

Brent futures fell 56 cents, or 0.7%, to $82.60 a barrel by 11:18 a.m. EST (1618 GMT). US West Texas Intermediate (WTI) crude fell 44 cents, or 0.6%, to $75.88.

New orders for key US-manufactured capital goods increased more than expected in January while shipments rebounded, suggesting that business spending on equipment picked up at the start of the first quarter.

That positive economic data helped global stock markets to rebound , yet shares remained near six-week lows as investors braced for interest rate hikes in the United States and Europe.

Fed Governor Philip Jefferson said inflation for services in the United States remains “ stubbornly high.”

Adding to global oil demand worries, rising Sino-US tensions hammered equity markets in China and Hong Kong while investors awaited policy signals from the upcoming National People’s Congress.

On Sunday, White House National Security Adviser Jake Sullivan said China has not moved toward providing Russia with lethal aid for use against Ukraine and added Washington has made clear behind closed doors that such a move would have serious consequences.

Russia halted supplies of oil to Poland via the Druzhba pipeline, Polish refiner PKN Orlen said on Saturday, a day after Poland said it had delivered its first Leopard tanks to Ukraine.

On Monday, Russian oil pipeline monopoly Transneft said it started pumping oil from Kazakhstan to Germany via Poland through the Druzhba pipeline, while halting deliveries to Poland. Russia announced plans this month to cut oil exports from its western ports by up to 25% in March versus February, exceeding its previously mooted production cuts of 5%.

Comments

Comments are closed.