Oil prices wary as tensions in Middle East escalate

MG News | November 13, 2017 at 02:05 PM GMT+05:00

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Oil trading was cautious on Monday in the midst of tensions in the Middle East and rising oil output from US.

Brent crude futures were at $63.55 per barrel at 0614 GMT, up 3 cents from their last close.

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U.S. West Texas Intermediate (WTI) crude was at $56.79 per barrel, up 5 cents.

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Oil analysts are of opinion that the current oil prices are supported by the declining inventories in OPEC and Russian nations. With the decrease in inventories and outputs, the oil markets are poised to stay at these levels for quite some while. However, the rising tensions in the Middle East may have prompted worries of supplies from the region and proxy wars between Saudi and Iran escalates.

Other than that, the rising rig count of Shale gas explorations in the US and the increasing output has put the market into a multidimensional price scenario with prices for oil going anywhere if discipline from OPEC countries takes a hit.

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KSE100	158,465.06 390.15M	-1.02% -1635.97
ALLSHR	96,559.16 950.27M	-0.99% -966.38
KSE30	48,334.92 161.42M	-1.07% -524.48
KMI30	229,055.35 110.24M	-1.35% -3133.53
KMIALLSHR	63,239.37 426.71M	-1.12% -719.42
BKTi	44,632.28 59.89M	-0.70% -315.76
OGTi	31,295.76 12.54M	-0.78% -245.37

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	111,520.00	113,775.00 109,300.00	-2225.00 -1.96%
BRENT CRUDE	64.88	65.37 63.92	0.48 0.75%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	-1.10 -1.35%
ROTTERDAM COAL MONTHLY	92.50	0.00 0.00	-0.20 -0.22%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	60.36	61.02 59.70	0.21 0.35%
SUGAR #11 WORLD	14.43	14.56 14.21	0.06 0.42%