BAFL 38.50 Decreased By ▼ -0.11 (-0.28%)
BIPL 17.45 Increased By ▲ 0.66 (3.93%)
BOP 4.06 Increased By ▲ 0.11 (2.78%)
CNERGY 3.08 Decreased By ▼ -0.03 (-0.96%)
DFML 16.50 Increased By ▲ 0.25 (1.54%)
DGKC 43.89 Increased By ▲ 0.14 (0.32%)
FABL 22.27 Increased By ▲ 0.12 (0.54%)
FCCL 11.32 Increased By ▲ 0.37 (3.38%)
FFL 6.38 Increased By ▲ 0.08 (1.27%)
GGL 9.47 Decreased By ▼ -0.11 (-1.15%)
HBL 90.51 Decreased By ▼ -1.99 (-2.15%)
HUBC 87.57 Decreased By ▼ -0.13 (-0.15%)
HUMNL 5.48 Decreased By ▼ -0.02 (-0.36%)
KEL 2.00 Increased By ▲ 0.05 (2.56%)
LOTCHEM 28.51 Increased By ▲ 0.25 (0.88%)
MLCF 30.18 Increased By ▲ 0.72 (2.44%)
OGDC 97.81 Increased By ▲ 1.74 (1.81%)
PAEL 9.99 Decreased By ▼ -0.06 (-0.6%)
PIBTL 3.91 Increased By ▲ 0.01 (0.26%)
PIOC 85.36 Increased By ▲ 0.61 (0.72%)
PPL 74.47 Increased By ▲ 1.57 (2.15%)
PRL 15.29 Decreased By ▼ -0.11 (-0.71%)
SILK 0.96 Increased By ▲ 0.02 (2.13%)
SNGP 46.78 Increased By ▲ 0.35 (0.75%)
SSGC 9.35 Increased By ▲ 0.22 (2.41%)
TELE 6.93 Increased By ▲ 0.01 (0.14%)
TPLP 12.35 Increased By ▲ 0.03 (0.24%)
TRG 90.22 Increased By ▲ 1.18 (1.33%)
UNITY 25.38 Decreased By ▼ -0.11 (-0.43%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,656 Increased By 12.1 (0.26%)
BR30 16,663 Increased By 117.9 (0.71%)
KSE100 46,365 Increased By 87.4 (0.19%)
KSE30 16,172 Increased By 20.7 (0.13%)

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

ECP issues lists of delimited constituencies

Shamshad seeks greater role of provinces towards meeting targets

IRIS system’s capacity enhanced: Up to 0.6m taxpayers to file tax returns on a daily basis

Contracts with IPPs, tariffs and ‘SOFR’: ECC tells PD to analyse impact of change, financial implications

KE tariff hiked up to Rs4.45

NTDC accuses Nepra of unleashing ‘awry’ deductions

Ban on import of smuggled items through ATT imminent

‘Unholy’ pacts with IPPs must be reviewed: Senate panel

APSR for FY23 released: Banks, MFBs process e-banking transactions worth Rs167.4trn

Issuance of right shares: SECP places additional conditions for listed firms