Brent crude falls $7 to settle below $100 a barrel. A strengthening dollar, demand-sapping COVID-19 curbs in China. Rising fears of a global economic slowdown are behind the drop. Oil is generally priced in U.S. dollars. Hedge funds and other money managers sold the equivalent of 110 million barrels. Brent rough tumbled $7 on Tuesday … Read more
Brent crude futures fell 82 cents, or 0.8%, to $106.20 at 0314 GMT. U.S. WTI crude futures declined by $1.04, or 1%. Trading was thinned by a public holiday in parts of Southeast Asia. Maintenance on the Nord Stream 1 pipeline is due to run from July 11 to 21. Oil prices fell around $1 … Read more
Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to $109.56. It was the lowest close for Brent since May 20 and the lowest for WTI since May 12. There will be no U.S. trading on Monday due to the Juneteenth … Read more
Brent oil is expected to jump over the neutral zone of $118.87 to $120.66 per barrel, extending its gains to $122.25 per barrel. The decrease from Monday’s high of $121.95 is being categorised as a retreat towards an inverted head-and-shoulders pattern, with a target of $123.91. From a strategic standpoint, the aim will only be reachable … Read more
KARACHI: The global economic outlook turned gloomy soon after Russian forces marched into Ukraine. The financial sanctions have rocked Russia’s economy and threaten to fuel further worldwide inflation. The prices of natural gas, oil, and other staples have jumped in the international markets. At the same time, it has rattled global supply chains that are … Read more
BRUSSELS: Eurozone inflation soared in February to a record high of 5.8 per cent, mainly on the back of surging energy prices, the EU’s official statistics agency Eurostat said on Wednesday. The acceleration, from 5.1 per cent in January, was announced as oil and gas prices rocketed even higher over fears about the impact on … Read more
Lotte Chemical Pakistan Limited was incorporated in Pakistan on May 30, 1998. The principal activity of the company is to manufacture and sale Pure Terephthalic Acid. Lotte Chemical is the only world-class manufacturer and supplier of Purified Terephthalic Acid (PTA) in Pakistan with a capacity to deliver 500,000 tonnes every year through its state-of-the-art plant … Read more
LONDON: Oil prices rose on Friday and headed for their biggest weekly advance since late August, as the investors became less concerned over the potential effect of the Omicron Covid-19 variant on economic growth and demand for fuel. Brent crude rose one per cent to $75.16 a barrel at about 3:15pm Riyadh time, while WTI, … Read more
LONDON: The UK North Sea has been in a state of perpetual transformation in recent years. As oil majors left the aging basin for less expensive and larger fields across the globe it has been forced to sharply cut costs to compete for investment, Arab News reported. Then the US fracking boom upset global prices. If that … Read more
LONDON: Oil rose for the second day on Friday after Opec+ said it would meet again to review output if the Omicron Covid-19 variant impacts demand, Arab News reported. Prices were still headed for the sixth week of declines on concern a steady increase in supply from the Organization for Petroleum Exporting Countries and its allies including … Read more
The huge downfall in oil markets is observed on today (April 20). According to the details, US oil price rushed 94%, decreasing as low as $1 per barrel. The sources said that this is the lowest since New York Mercantile Exchange (NYMEX) introduced oil futures trading in 1983. The managing director at Fathom Consulting Erik … Read more
