Crude oil prices have recently witnessed a dip in the worldwide market, with Brent crude futures declining to $82.12 per barrel in the US. West Texas Intermediate crude is dropping to $76.95. This downturn, however, spells potential trouble for consumers in Pakistan, as petroleum product prices are expected to surge. Reports suggest a possible increase … Read more
The national average price of gasoline in the US topped $5 per gallon for the first time on June 13. Fears of a worldwide economic slowdown have sent oil prices plummeting. The price of Brent crude oil dropped to approximately $104 per barrel on Thursday. Recently, less than a month after the national average price … Read more
WASHINGTON: Americans saw their incomes climb slightly in the first month of 2022, but the gain was overtaken by rising prices, which increased at their fastest rate in 40 years, according to the government data. Rising energy prices continue to be a key factor driving inflation and global oil prices have been moving steadily higher … Read more
KARACHI: The rupee recovered 11 paisas against the dollar on Wednesday as the international oil prices fell after hitting the seven years high on Monday. The exchange rate ended at Rs175.67 to the dollar from the previous day’s closing of Rs175.78 in the interbank foreign exchange market. The dealers said that the global oil prices … Read more
KARACHI: The rupee fell 76 paisas against the dollar on Monday, owing to a jump in the global oil prices and rising foreign currency demand for import payments, dealers said. The exchange rate ended at Rs175.47 against the dollar from Friday’s closing at Rs174.71 in the interbank foreign exchange market. The dealers said high oil … Read more
KARACHI: The movement of international oil prices will decide the fate of the rupee during the next week. Currently, the rupee is stable, owing to the inflows received from a lending agency and the proceeds of the Sukuk bond. The exchange rate for the week ended February 11, 2021 closed at Rs174.71 against the greenback … Read more
KARACHI: The Pakistan rupee’s stability is linked with the international oil prices and the demand for the dollars for export payments next week, as the foreign exchange reserves of the country is on the decline, analysts said. The international oil prices are on the rise for the last couple of days, while the external payments … Read more
SINGAPORE: A coordinated release from government oil reserves led by the US may add about 70 million to 80 million barrels of crude supply, smaller than the more-than-100 million barrels the market has been pricing in, Reuters quoted analysts at Goldman Sach, as saying. “On our pricing model, such a release would be worth less than $2/bbl, … Read more
As petrol prices continue to dent the pockets of buyers, Fawad Chaudhry, Federal Minister for Information and Broadcasting, has said that the upward trajectory witnessed by the petroleum products is due to price hike in the international crude market. Chaudhry, while justifying the price hike, said on Twitter that prices of petroleum products in Pakistan … Read more
As China releases inflation data for the month of June, the share market in the Asia Pacific witnessed an increase in morning trade. According to data provided, Asia Pacific stocks saw a strong performance so far this week. The Shanghai Composite gained 0.17% in the morning trade. Shenzhen component advanced 0.877%. Hong Kong’s Hang Seng … Read more
The Oil prices witnessed a decrease of 0.3% to $42.95 a barrel, in early trade on the third day of the business week. The decrease is due to the concerns that the United States of America, which is the biggest oil consumer will limit the use, as the country witnessed the surge in novel coronavirus … Read more
The prices of oil have fallen to the lowest level in 18 years as demand for crude oil has decreased after coronavirus pandemic. International news agency BBC reported that Brent crude fell to $23.03 a barrel at one point on Monday morning, its lowest level since November 2002. Meanwhile, the price of US West Texas … Read more
Global Oil Price: The countries may run out of oil space to store oil as Saudi Arabia prepares to increase its oil production even as demand for energy continues to fall amid coronavirus outbreak. Oil storage levels across storage facilities have surged to 75% full since January shutdown of major refineries in China’s industrial heartlands. … Read more
