Oil down as global economy slows down

News Image

MG News | February 21, 2023 at 01:38 PM GMT+05:00

February 21, 2023 (MLN): Brent oil prices fell on Tuesday as fears that a global economic slowdown would reduce fuel demand prompted investors to take profits on the previous day's gains, as Reuters reported. 

Traders are awaiting the minutes of the latest Federal Reserve meeting, due on Wednesday, after recent data on core inflation raised the risk of interest rates remaining higher for longer, it added. 

Brent crude was down 66 cents, or 0.8%, at $83.41 a barrel as of 0750 GMT. U.S. West Texas Intermediate crude (WTI) futures for March, which expire on Tuesday, were up 4 cents, or 0.1%, at $76.38.

WTI futures did not settle on Monday because of a public holiday in the United States. The April WTI contract, currently the most active, was up 23 cents at $76.78, it further added. 

"Brent is at the middle of the trading range since late December of between $78 and $88 a barrel, with some investors taking profits on concerns over more U.S. interest rate hikes while others kept bullish sentiment on hopes for a demand recovery in China," said Satoru Yoshida, a commodity analyst with Rakuten Securities, it noted. 

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 175,802.79
267.06M
-1.30%
-2320.78
ALLSHR 106,568.29
617.78M
-1.25%
-1352.24
KSE30 52,497.68
83.82M
-1.25%
-665.92
KMI30 247,323.37
106.69M
-1.37%
-3422.76
KMIALLSHR 68,315.26
363.70M
-1.37%
-952.13
BKTi 49,936.11
23.35M
-1.18%
-594.28
OGTi 34,758.02
9.23M
-1.71%
-605.59
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 64,950.00 64,970.00
63,980.00
680.00
1.06%
BRENT CRUDE 88.26 88.38
83.71
4.03
4.78%
RICHARDS BAY COAL MONTHLY 105.75 0.00
0.00
-0.65
-0.61%
ROTTERDAM COAL MONTHLY 119.80 120.30
119.80
0.00
0.00%
USD RBD PALM OLEIN 1,135.00 1,135.00
1,135.00
0.00
0.00%
CRUDE OIL - WTI 81.77 82.07
77.93
3.49
4.46%
SUGAR #11 WORLD 14.82 14.94
14.39
0.38
2.63%

Chart of the Day


Latest News
July 18, 2026 at 06:57 PM GMT+05:00

Pakistan, Japan explore startup, innovation partnerships


July 18, 2026 at 06:37 PM GMT+05:00

Pakistan's external financing hits $16bn in FY26


July 18, 2026 at 02:34 PM GMT+05:00

Weekly Market Roundup



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg