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 climbs on Iraq and Ecuador unrest, regional tensions

"Oil prices could be in for a sustained rally if the (U.S.) tariffs were to be put on hold indefinitely, which coul
08 Oct 2019
  • "Oil prices could be in for a sustained rally if the (U.S.) tariffs were to be put on hold indefinitely, which could see some of the braver at heart support dips,"
  • Oil prices increased on Tuesday as unrest in Iraq and Ecuador raised supply concerns.

LONDON: Oil prices increased on Tuesday as unrest in Iraq and Ecuador raised supply concerns, but worries about U.S.-China trade negotiations capped the market's gains after U.S. President Donald Trump said a quick deal was unlikely.

Brent crude rose 43 cents, or 0.7pc, to $58.78 a barrel by 0903 GMT. U.S. West Texas Intermediate crude was at $53.12, up 37 cents, or 0.7pc.

Protests in OPEC members Iraq and Ecuador threatened to disrupt their oil output.

The death toll in Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries, has climbed after a week of unrest.

"Unrest in Iraq gained a high profile at the start of October as a result of large protests in Baghdad," RBC analyst Al Stanton said.

He said potential attacks by Turkey on Kurdish forces in northeast Syria could take place close to the Iraqi border, leading to "a refugee crisis that puts pressures on Kurdistan's economy" and its oil production.

Turkey said it had completed preparations for a military operation in northeast Syria after the United States began pulling back troops.

Meanwhile, the energy ministry in Ecuador, one of OPEC's smallest producers which is quitting the group next year, said protests against austerity could reduce its oil output by 59,450 barrels per day.

Ecuador's state-run oil company Petroamazonas EP suspended operations at three oilfields in the Amazon region on Monday.

Investors are treading cautiously before U.S.-China trade talks that will take place in Washington on Thursday, although prospects for progress dimmed after Washington blacklisted more Chinese firms.

"Oil prices could be in for a sustained rally if the (U.S.) tariffs were to be put on hold indefinitely, which could see some of the braver at heart support dips," Stephen Innes, Asia Pacific market strategist at AxiTrader, wrote in a note.

In the United States, crude inventories are expected to have grown for a fourth week while distillates and gasoline stocks likely fell, a Reuters poll showed on Monday.

Hedge funds sold petroleum futures and options for a second week running as a price bounce after attacks last month on Saudi oil facilities evaporated, and attention shifted to a deteriorating global economy.

Saudi oil production was temporarily reduced by the attacks. Riyadh said last week it had fully restored output.