Crude Oil prices rise on demand and supply concerns

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

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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.

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KSE30	55,771.26 90.98M	0.14% 75.98
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	68,750.00	68,865.00 68,625.00	-185.00 -0.27%
BRENT CRUDE	69.08	69.49 68.44	0.04 0.06%
RICHARDS BAY COAL MONTHLY	96.00	0.00 0.00	0.40 0.42%
ROTTERDAM COAL MONTHLY	101.95	102.30 101.60	-0.35 -0.34%
USD RBD PALM OLEIN	1,071.50	1,071.50 1,071.50	0.00 0.00%
CRUDE OIL - WTI	64.30	64.34 64.15	0.34 0.53%
SUGAR #11 WORLD	14.11	14.34 14.08	-0.24 -1.67%