Trends - Brent oil - Business Recorder

Brent oil

Oil drops after strong rally as new COVID-19 variants weigh

Brent falls after nine sessions of gains.
WTI rally also ends.
Global oil supply still outstripping demand –IEA.
Libya oil guards end blockade at Hariga port.

Updated 11 Feb, 2021 09:27pm

Markets

Brent oil may retreat into $60.12-$60.43 range

That means the upside could be very limited even though oil may keep on edging up. The risk for a deep fall, however, has become increasingly high.

Published 11 Feb, 2021 10:06am

Markets

Brent oil may rise into $61.74-$62.23 range

The reversal signals a continuation of the uptrend.

Published 10 Feb, 2021 10:49am

Markets

Oil hits 13-month highs on supply cuts, weak dollar

Brent, WTI futures hit highest since January 2020.
Both contracts had risen for 6 straight sessions.
US crude, gasoline stockpiles up last week -Reuters poll.

Published 09 Feb, 2021 08:37pm

Markets

Oil gives up early gains, but Brent stays over $60/bbl

Brent, WTI futures hit highest since January 2020.
Both contracts had risen for 6 straight sessions.
US crude, gasoline stockpiles up last week - Reuters poll.

Published 09 Feb, 2021 06:03pm

Markets

Brent oil may rise into $61.43-$61.74 range

Support is at $60.64, a break below which may cause a fall to $60.43. On the daily chart, oil is riding on an extended wave 5.

Published 09 Feb, 2021 10:57am

Markets

Brent oil hits year-high above $60

Crude and other assets are winning support also from the prospect of a $1.9-trillion US stimulus package.

Published 08 Feb, 2021 05:03pm

Markets

Brent strikes $60/bbl as supply cuts, stimulus hopes boost prices

A weaker dollar against most currencies on Monday also supported commodities, with dollar-denominated commodities becoming more affordable to holders of other currencies.

Published 08 Feb, 2021 12:50pm

Markets

Brent approaches $60/bbl as supply cuts, stimulus hopes lift prices

A weaker dollar against most currencies on Monday also supported commodities, with dollar-denominated commodities becoming more affordable to holders of other currencies.

Published 08 Feb, 2021 10:47am

Markets

US oil may rise into the $57.77-$58.06 range

It could easily overcome the subsequent barriers.

Published 08 Feb, 2021 10:33am

Markets

Brent oil may test resistance at $60.12

A rising trendline roughly points at a target of $62.50, the 400% projection level of an uptrend from $39.34.

Published 08 Feb, 2021 10:29am

Markets

Oil hits highest in a year on growth hopes, OPEC+ cuts

Brent hits highest since February 2020.
OPEC+ maintains policy aimed at tightening supply.
US crude stockpiles fall to lowest since March.

Published 05 Feb, 2021 05:46pm

Markets

Brent oil may rise into $59.63-$60.13 range

However, this wave count has to be modified, as oil has surpassed $59.04. The strong move indicates the progress of a powerful wave (3)-3, which could drive the market wild.

Published 05 Feb, 2021 11:55am

Markets

Oil gains on continued OPEC+ cuts and US stocks draw

OPEC+ expects oil market deficit despite weaker demand.
Brent hits highest since February 2020.
US crude stockpiles fall, gasoline inventories surge –EIA.
US weekly jobless claims fall more than expected.

Published 04 Feb, 2021 08:14pm

Markets

Brent oil may retest resistance at $58.82

Based on the consolidation range from $54.50 to $57.56, the uptrend may extend to $60.29.

Published 04 Feb, 2021 11:15am

Markets

Oil climbs after OPEC+ maintains oil output cuts, US stock draw

Continued progress in rolling out COVID-19 vaccines is also an important driver of oil prices, OANDA's Moya said.

Published 04 Feb, 2021 10:21am

Markets

Brent oil may retest resistance at $58.01

On the daily chart, oil has climbed above a resistance at $57.56, the 314.6% projection level on the uptrend from $39.34.

Published 03 Feb, 2021 10:51am

Markets

Brent oil may rise into $57.52-$58.01 range

The consolidation from the Jan. 13 high of $54.72 seems to have been shaped into a wedge, which has been confirmed as a bullish continuation pattern. It suggests a target around $58.01.

Published 02 Feb, 2021 10:05am

Markets

Brent oil may fall to $54.35

The contract is testing an immediate support at $54.78.

Published 01 Feb, 2021 01:30pm

Markets

Oil prices rangebound as supply cuts offset virus worries

The Brent March contract expires on Friday. The more active April contract was up 26 cents, or 0.5%, at $55.36.
US West Texas Intermediate (WTI) crude futures rose 3 cents, or 0.1%, to $52.37.

Published 29 Jan, 2021 06:07pm

Markets

Oil steady as supply cuts offset demand worries on stalled vaccine rollouts

However market gains have been capped by worries about stalled vaccine rollouts and the spread of contagious new variants of the coronavirus.

Published 29 Jan, 2021 11:27am

Markets

US oil may retest support at $52.03

The consolidation from $53.93 has lasted so long that it raises some concern on whether the uptrend could remain steady. A break below $51.35 could signal a reversal of the trend.

Published 29 Jan, 2021 10:45am

Markets

Brent oil may break support at $55.17

The contract is highly likely to retest a support at $54.50, a break below which may cause a fall to $53.13.

Published 29 Jan, 2021 10:42am

Markets

Brent oil may test support at $55.17

The break will be confirmed only when oil rises above the Wednesday high of $56.49.

Published 28 Jan, 2021 10:07am

Markets

Oil rises as US oil stockpiles drop, new Chinese COVID-19 cases decline

Official data showed 75 new confirmed cases of COVID-19 on Wednesday, the lowest daily rise since Jan. 11.

Published 27 Jan, 2021 10:19am

Markets

US oil may retest resistance at $52.98

As long as the contract remains firm above a support at $52.34, the 23.6% retracement of the uptrend from $47.18 to $53.93, it may revisit the high of $53.93.

Published 27 Jan, 2021 10:12am

Markets

Brent oil may rise towards $56.73-$57.42 range

On the daily chart, oil failed twice to break a support at $54.50, the 261.8% projection level on the uptrend from $39.34. The failures suggest the formation of a double-bottom.

Published 27 Jan, 2021 10:09am

Markets

Oil prices tick up alongside European shares, Saudi blast reports

Blast heard in Saudi capital Riyadh, cause unclear.
Chemical, financial equities lift European indices.
Data suggests OPEC+ supply cut compliance improving.

Published 26 Jan, 2021 05:45pm

Markets

Brent oil may rise into $56.21-$56.64 range

Support is at $55.52, a break below which may cause a fall into $54.83-$55.18 range. On the daily chart, oil stabilised around a support at $54.50, the 261.8% projection level on the uptrend from $39.34.

Published 26 Jan, 2021 10:22am

Markets

Oil prices steady as lockdowns curb US stimulus optimism

US lawmakers to debate massive stimulus package.
China reports rise in new coronavirus cases.
Indonesia seizes Iran-flagged vessel over fuel transfer.
Libya guards halt exports in pay dispute.

Published 25 Jan, 2021 05:57pm

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Apr 24	278.59
USD PKR Interbank Buying / Apr 24	278.39
USD to Japanese Yen / Apr 24	155.21
USD to Swiss Franc / Apr 24	0.91
Pound Sterling to USD / Apr 24	1.25
Euro to USD / Apr 24	1.07

Stock	Volume
S&P 500 / Apr 24	5070.63
India Sensex / Apr 24	73852.94
Tokyo Nikkei / Apr 24	38460.08
Nasdaq / Apr 24	15712.75
Hang Seng / Apr 24	17201.27
FTSE 100 / Apr 24	8040.38
Dow Jones / Apr 24	38460.92
Germany DAX 30 / Apr 24	18088.70

Item	Value
Karachi Cotton PKR/37.32 KG / Apr 23	21035
Gold 10 Grams PKR / Apr 23	213220
Crude Oil USD/Barrel / Apr 24	82.83
Gold Spot USD/Ounce / Apr 24	2318.17
Cotton US¢/pound / Apr 24	81.01
Petrol/Litre / Apr 25	293.94

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Apr 25 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Apr 25 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Apr 25 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Apr 25 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Apr 25 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Apr 25 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Apr 25 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Apr 25 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Apr 25 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Apr 25 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Apr 25 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Apr 25 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Apr 25 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Apr 25 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Apr 25 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Apr 25 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Apr 25 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Apr 25 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Apr 25 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Apr 25 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Apr 25 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Apr 25 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Apr 25 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Apr 25 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Apr 25 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Apr 25 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Apr 25 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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