AVN 49.64 Decreased By ▼ -1.21 (-2.38%)
BAFL 28.71 Decreased By ▼ -0.15 (-0.52%)
BOP 3.64 Decreased By ▼ -0.06 (-1.62%)
CNERGY 3.30 Decreased By ▼ -0.01 (-0.3%)
DFML 11.00 No Change ▼ 0.00 (0%)
DGKC 52.70 Decreased By ▼ -0.42 (-0.79%)
EPCL 43.99 Decreased By ▼ -0.02 (-0.05%)
FCCL 12.74 Increased By ▲ 0.14 (1.11%)
FFL 6.30 Increased By ▲ 0.03 (0.48%)
FLYNG 5.92 Decreased By ▼ -0.16 (-2.63%)
GGL 10.48 Decreased By ▼ -0.22 (-2.06%)
HUBC 68.75 Increased By ▲ 0.05 (0.07%)
HUMNL 5.86 Decreased By ▼ -0.14 (-2.33%)
KAPCO 22.67 Decreased By ▼ -0.23 (-1%)
KEL 1.84 Decreased By ▼ -0.02 (-1.08%)
LOTCHEM 29.22 Decreased By ▼ -0.30 (-1.02%)
MLCF 28.84 Decreased By ▼ -0.11 (-0.38%)
NETSOL 77.98 Decreased By ▼ -2.35 (-2.93%)
OGDC 79.21 Increased By ▲ 0.31 (0.39%)
PAEL 9.87 Decreased By ▼ -0.03 (-0.3%)
PIBTL 4.17 Decreased By ▼ -0.16 (-3.7%)
PPL 61.28 No Change ▼ 0.00 (0%)
PRL 14.60 Decreased By ▼ -0.14 (-0.95%)
SILK 1.05 Decreased By ▼ -0.02 (-1.87%)
SNGP 42.55 Decreased By ▼ -0.15 (-0.35%)
TELE 7.15 Decreased By ▼ -0.17 (-2.32%)
TPLP 13.08 Increased By ▲ 0.11 (0.85%)
TRG 97.21 Decreased By ▼ -3.22 (-3.21%)
UNITY 15.40 Increased By ▲ 0.90 (6.21%)
WTL 1.18 Decreased By ▼ -0.03 (-2.48%)
BR100 4,186 Decreased By -25.8 (-0.61%)
BR30 14,538 Decreased By -66.8 (-0.46%)
KSE100 41,872 Decreased By -270.4 (-0.64%)
KSE30 14,813 Decreased By -129.9 (-0.87%)
Follow us

NEW YORK: Oil prices settled lower on Friday as European banking shares fell and after US Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.

Brent crude settled down 92 cents, or 1.2%, to $74.99. West Texas Intermediate US crude futures fell 70 cents, or 1%, to $69.26 a barrel.

Both benchmarks rose this week as banking sector turmoil eased. Brent futures rose 2.8% in the week while US crude futures rose 3.8%. Last week, both benchmarks posted their biggest declines in months.

“We’re riding along macroeconoic headwinds, and there’s a newfound correlation with equities” said John Kilduff, partner at Again Capital LLC in New York.

Banking stocks slid in Europe with Deutsche Bank and UBS Group slammed by worries that the worst problems in the sector since the 2008 financial crisis could persist.

US Treasury Secretary Janet Yellen convened an unscheduled meeting of the Financial Stability Oversight Council on Friday morning.

The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies.

The White House said in October it would buy back oil for the SPR when prices were at or below about $67-$72 per barrel.

On Thursday, Granholm told lawmakers it would be difficult to take advantage of low prices this year to add to stockpiles, which are at their lowest level since 1983 following sales directed by President Joe Biden last year.

Oil drew some support from strong demand expectations from China. Goldman Sachs said commodities demand was surging in the world’s biggest oil importer, with oil demand topping 16 million bpd.

Russian Deputy Prime Minister Alexander Novak said a previously announced cut of 500,000 barrels per day (bpd) in Russia’s oil production would be from an output level of 10.2 million bpd in February, the RIA Novosti news agency reported.

That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.

Comments

1000 characters

Oil settles down on worries over banks, US crude reserve

Economic Survey 2022-23 to be unveiled today: PDM govt fails to meet even a single target

Intra-day update: rupee largely stable against US dollar

TAPI Pipeline: Pakistan and Turkmenistan sign implementation plan

Toshakhana case: IHC extends stay in criminal proceedings against Imran

Oil steadies as Saudi cut supports and focus turns to Fed

Rs90bn allocated for parliamentarians under SDGs

PSDP: Govt takes firm step to revive certain CPEC initiatives

IT exporters, freelancers: 35pc of export proceeds can be retained in special forex accounts: SBP

IK and Qureshi meet, exchange wincing smiles

Finally, JKT launches new party to cash in on IK’s misery