AIRLINK 73.18 Increased By ▲ 0.38 (0.52%)
BOP 5.00 Decreased By ▼ -0.06 (-1.19%)
CNERGY 4.37 Increased By ▲ 0.04 (0.92%)
DFML 29.95 Decreased By ▼ -0.57 (-1.87%)
DGKC 91.39 Increased By ▲ 5.44 (6.33%)
FCCL 23.15 Increased By ▲ 0.80 (3.58%)
FFBL 33.50 Increased By ▲ 0.28 (0.84%)
FFL 9.92 Increased By ▲ 0.14 (1.43%)
GGL 10.35 Decreased By ▼ -0.05 (-0.48%)
HBL 113.01 Decreased By ▼ -0.61 (-0.54%)
HUBC 136.28 Increased By ▲ 0.08 (0.06%)
HUMNL 9.60 Decreased By ▼ -0.43 (-4.29%)
KEL 4.78 Increased By ▲ 0.12 (2.58%)
KOSM 4.72 Increased By ▲ 0.32 (7.27%)
MLCF 39.89 Increased By ▲ 1.54 (4.02%)
OGDC 133.90 Increased By ▲ 0.50 (0.37%)
PAEL 28.85 Increased By ▲ 1.45 (5.29%)
PIAA 25.00 Increased By ▲ 0.24 (0.97%)
PIBTL 6.94 Increased By ▲ 0.39 (5.95%)
PPL 122.40 Increased By ▲ 1.19 (0.98%)
PRL 27.40 Increased By ▲ 0.25 (0.92%)
PTC 14.80 Increased By ▲ 0.91 (6.55%)
SEARL 60.40 No Change ▼ 0.00 (0%)
SNGP 70.29 Increased By ▲ 1.76 (2.57%)
SSGC 10.42 Increased By ▲ 0.09 (0.87%)
TELE 8.85 Decreased By ▼ -0.20 (-2.21%)
TPLP 11.32 Increased By ▲ 0.06 (0.53%)
TRG 66.57 Increased By ▲ 0.87 (1.32%)
UNITY 25.20 Decreased By ▼ -0.05 (-0.2%)
WTL 1.55 Increased By ▲ 0.05 (3.33%)
BR100 7,674 Increased By 40.1 (0.53%)
BR30 25,457 Increased By 285.1 (1.13%)
KSE100 73,086 Increased By 427.5 (0.59%)
KSE30 23,427 Increased By 44.5 (0.19%)

Oil prices steadied on Monday as tensions over Iran's nuclear program countered concerns about whether slowing global economic growth would hit oil demand. Brent crude futures fell 12 cents to settle at $64.11 a barrel. US West Texas Intermediate (WTI) crude futures rose 15 cents to settle at $57.66 a barrel. Oil prices edged higher for much of the session, then eased ahead of settlement.
"Worries about what is going on in the Persian Gulf continue to put a bit of a bid into the market, but without any new significant developments the market dropped back toward unchanged," Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. "Worries about demand growth are holding the market back."
Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last year. Washington has imposed sanctions that eliminate benefits Iran was meant to receive in return for agreeing to curbs on its nuclear program under the 2015 deal with world powers. The confrontation has brought the United States and Iran close to conflict.
On Sunday, Trump issued another warning over Iran's nuclear activities. "They'd better be careful," he said. Iran's Oil Minister Bijan Zanganeh said on Sunday that he was very hopeful of an improvement in the country's crude exports, state TV reported. "We see enough possibility of military conflict to cushion renewed price declines that might be driven by mounting expectations for a major slowing in the global economic growth path," Jim Ritterbusch of Ritterbusch and Associates said in a note. Oil prices remain under pressure from lingering worries about demand as the US-China trade war has dampened prospects for global economic growth.
Japan's core machinery orders fell for the first time in four months in May, the biggest monthly drop in eight months in a worrying sign that global trade tensions are taking a toll on corporate investment. Goldman Sachs said growth in US shale production is likely to outpace that of global demand at least through 2020 and limit gains in oil prices despite output curbs led by the Organization of the Petroleum Exporting Countries.

Copyright Reuters, 2019

Comments

Comments are closed.