Crude Oil prices rise on demand and supply concerns

MG News | August 31, 2018 at 11:45 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

After two months of losses, oil prices are on track for a second consecutive week of gains, with oil prices having climbed about 10 percent during this time frame.

The significant jump in oil prices comes about as Iran is back on the front burner with the November deadline to comply with US demands for an Iran oil embargo that targets Iran’s oil exports coming closer.

In addition to that, Venezuelan oil supply has been falling sharply, adding to the pressure on oil prices.

Investors are also concerned that trade disputes between the US and other major economies like China and the European Union could lead to a slowdown in economic growth, which will ultimately lead to a drag on fuel demand.

At 0505 GMT (or 10:05 am Pakistani time), U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 7 cents at $70.32 a barrel.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	169,427.44 163.01M	-0.53% -903.12
ALLSHR	102,450.94 789.83M	-0.32% -325.06
KSE30	50,457.84 73.20M	-0.55% -279.32
KMI30	242,092.83 66.46M	-0.46% -1110.02
KMIALLSHR	66,542.58 386.25M	-0.11% -71.63
BKTi	45,970.73 25.03M	-0.74% -342.45
OGTi	34,855.07 3.01M	-0.60% -211.72

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	61,850.00	62,065.00 60,985.00	-180.00 -0.29%
BRENT CRUDE	95.18	95.50 94.66	2.08 2.23%
RICHARDS BAY COAL MONTHLY	123.00	123.00 123.00	0.00 0.00%
ROTTERDAM COAL MONTHLY	134.25	134.30 132.00	1.30 0.98%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	92.38	93.64 91.90	2.35 2.61%
SUGAR #11 WORLD	13.91	14.10 13.86	-0.17 -1.21%