AIRLINK 60.45 Decreased By ▼ -0.52 (-0.85%)
BOP 6.32 Increased By ▲ 0.03 (0.48%)
CNERGY 4.39 Increased By ▲ 0.06 (1.39%)
DFML 16.00 Increased By ▲ 0.14 (0.88%)
DGKC 69.01 Decreased By ▼ -0.29 (-0.42%)
FCCL 18.09 Decreased By ▼ -0.11 (-0.6%)
FFBL 26.24 Decreased By ▼ -0.01 (-0.04%)
FFL 9.34 Increased By ▲ 0.11 (1.19%)
GGL 10.24 Decreased By ▼ -0.01 (-0.1%)
HBL 115.42 Decreased By ▼ -1.58 (-1.35%)
HUBC 116.06 Increased By ▲ 1.58 (1.38%)
HUMNL 7.03 Increased By ▲ 0.10 (1.44%)
KEL 5.02 Increased By ▲ 0.13 (2.66%)
KOSM 5.68 Increased By ▲ 0.35 (6.57%)
MLCF 38.72 Increased By ▲ 0.22 (0.57%)
OGDC 132.17 Increased By ▲ 8.20 (6.61%)
PAEL 21.76 Decreased By ▼ -0.09 (-0.41%)
PIAA 12.80 Increased By ▲ 1.00 (8.47%)
PIBTL 6.10 No Change ▼ 0.00 (0%)
PPL 119.87 Increased By ▲ 6.12 (5.38%)
PRL 28.17 Decreased By ▼ -0.13 (-0.46%)
PTC 12.08 Increased By ▲ 0.63 (5.5%)
SEARL 51.80 Decreased By ▼ -0.50 (-0.96%)
SNGP 68.77 Increased By ▲ 1.07 (1.58%)
SSGC 11.46 Increased By ▲ 0.13 (1.15%)
TELE 8.19 Increased By ▲ 0.34 (4.33%)
TPLP 11.53 Decreased By ▼ -0.05 (-0.43%)
TRG 72.75 Increased By ▲ 0.94 (1.31%)
UNITY 23.62 Increased By ▲ 0.52 (2.25%)
WTL 1.37 Increased By ▲ 0.08 (6.2%)
BR100 6,790 Increased By 72.9 (1.09%)
BR30 23,078 Increased By 560.6 (2.49%)
KSE100 65,952 Increased By 626 (0.96%)
KSE30 22,417 Increased By 271.6 (1.23%)

NEW YORK: Oil prices rose on Thursday on expectations that US interest rates had peaked, but gains were capped by a large build in US crude stockpiles and a forecast for slower demand growth next year from the International Energy Agency.

Brent futures rose 92 cents, or 1.1%, at $86.74 per barrel at 11:39 a.m. ET (1540 GMT). US West Texas Intermediate crude gained 68 cents, or 0.8%, at $84.17 a barrel.

Prices pared gains after US government data showed US crude inventories rose by 10.2 million barrels in the last week to 424.2 million barrels, much higher than analyst expectations for a 500,000-barrel rise.

US crude output also hit a record 13.2 million barrels per day in the week, the data showed. “The crude build was stunning. The market is taking it as a little bearish, and it’s pulled us off the (session) highs,” said Phil Flynn, an analyst at Price Futures Group.

Supporting crude futures earlier, world shares rose and the dollar and bond market borrowing costs held steady ahead of US inflation data and European Central Bank meeting minutes that will add to the debate on where interest rates are heading.

Data on Thursday also showed that US inflation was slowing, further supporting expectations that the Fed will freeze interest rate hikes next month.

Lower US bond yields are stoking risk appetite, which in turn is supporting equities and oil, UBS analyst Giovanni Staunovo said.

“Both the Saudi energy minister Prince Abdulaziz and Russia’s deputy prime minister Novak reiterating their ongoing collaboration to balance oil markets are helping,” he added.

Comments

Comments are closed.