ANL 34.32 Decreased By ▼ -0.20 (-0.58%)
ASC 14.85 Decreased By ▼ -0.31 (-2.04%)
ASL 24.50 Decreased By ▼ -0.33 (-1.33%)
AVN 90.24 Decreased By ▼ -4.76 (-5.01%)
BOP 7.79 Decreased By ▼ -0.08 (-1.02%)
BYCO 10.05 Decreased By ▼ -0.26 (-2.52%)
DGKC 124.20 Decreased By ▼ -2.40 (-1.9%)
EPCL 56.30 Decreased By ▼ -0.86 (-1.5%)
FCCL 24.31 Decreased By ▼ -0.19 (-0.78%)
FFBL 27.60 Decreased By ▼ -0.36 (-1.29%)
FFL 16.05 Increased By ▲ 0.01 (0.06%)
HASCOL 9.74 Decreased By ▼ -0.28 (-2.79%)
HUBC 80.00 No Change ▼ 0.00 (0%)
HUMNL 6.44 Decreased By ▼ -0.01 (-0.16%)
JSCL 20.50 Increased By ▲ 0.09 (0.44%)
KAPCO 40.21 Decreased By ▼ -0.73 (-1.78%)
KEL 3.85 Decreased By ▼ -0.02 (-0.52%)
LOTCHEM 16.25 Decreased By ▼ -0.99 (-5.74%)
MLCF 46.60 Decreased By ▼ -0.31 (-0.66%)
PAEL 35.10 Decreased By ▼ -1.07 (-2.96%)
PIBTL 10.33 Decreased By ▼ -0.16 (-1.53%)
POWER 9.25 Decreased By ▼ -0.10 (-1.07%)
PPL 85.50 Decreased By ▼ -0.24 (-0.28%)
PRL 25.01 Decreased By ▼ -0.70 (-2.72%)
PTC 9.55 Increased By ▲ 0.10 (1.06%)
SILK 1.24 Increased By ▲ 0.07 (5.98%)
SNGP 38.82 Decreased By ▼ -0.54 (-1.37%)
TRG 167.40 Increased By ▲ 7.79 (4.88%)
UNITY 30.65 Decreased By ▼ -0.10 (-0.33%)
WTL 1.53 Increased By ▲ 0.10 (6.99%)
BR100 4,820 Decreased By ▼ -31.91 (-0.66%)
BR30 25,669 Decreased By ▼ -2.82 (-0.01%)
KSE100 44,978 Decreased By ▼ -208.43 (-0.46%)
KSE30 18,443 Decreased By ▼ -42.02 (-0.23%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,501
5824hr
Pakistan Cases
725,602
458424hr
Sindh
269,126
Punjab
250,459
Balochistan
20,321
Islamabad
66,380
KPK
99,595
Markets

Oil prices fall due to weak economic data, Saudi output recovery

Oil prices remain at comparatively elevated levels for the year in the wake of the Sept. 14 attack on Saudi Arabia'
24 Sep 2019
  • Oil prices remain at comparatively elevated levels for the year in the wake of the Sept. 14 attack on Saudi Arabia's largest oil-processing facility that halved output in the world's top oil exporter.
  • Oil company Aramco has stepped up purchases of products such as naphtha, gasoline and diesel from Europe and elsewhere.

LONDON: Oil prices fell on Tuesday after weak manufacturing data from Europe and Japan focused market attention on a gloomy outlook for demand and as Saudi Arabia could restore oil output faster than anticipated following attacks last week.

Brent crude futures dropped 95 cents to $63.82 a barrel by 1106 GMT, while US West Texas Intermediate futures were at $57.91, down 73 cents.

"Financial data was anything but encouraging yesterday," said Tamas Varga of oil brokerage PVM, pointing to sluggish manufacturing numbers in leading European economies and Japan.

Reuters reported on Monday that Saudi Arabia had restored more than 75pc of crude output lost after attacks on its oil installations and would return to full volumes by early next week.

But the Wall Street Journal said repairs at the plants could take months longer than anticipated.

"There remains conflicting news coming out of Saudi Arabia, but an increasing number of reports pointing to Saudi Aramco purchasing external products and potentially also crude to meet its term commitments do not give the impression that an imminent return to full capacity is in sight," consultancy JBC Energy said.

State-run oil company Aramco has stepped up purchases of products such as naphtha, gasoline and diesel from Europe and elsewhere.

Still, oil prices remain at comparatively elevated levels for the year in the wake of the Sept. 14 attack on Saudi Arabia's largest oil-processing facility that halved output in the world's top oil exporter.

An increase in US oil exports to Asia to replace Saudi crude and a reduction in US imports from Iraq meant crude inventories in the United States could be lower than expected, said Mike Tran, commodity strategist at RBC Capital Markets.

European powers - Britain, Germany and France - backed the United States in blaming Iran for the Saudi attack, urging Tehran to agree to new talks with world powers on its nuclear and missile programmes and regional security.

Meanwhile, a preliminary Reuters poll found on Monday that US crude oil and distillate stockpiles were expected to have dropped last week.

Seven analysts estimated, on average, that crude inventories fell by 800,000 barrels in the week to Sept. 20.

The poll was conducted ahead of inventory reports from the American Petroleum Institute, an industry group, to be released on Tuesday and from the US government's Energy Information Administration on Wednesday.