Oil subdued in Asian trade

News Image

By MG News | April 01, 2020 at 09:42 AM GMT+05:00

0:00

April 1, 2020: US crude was higher in Asian trade Wednesday but sentiment remained subdued as Saudi Arabia floods the market with oil and the escalating coronavirus pandemic saps global demand.

                  Prices plunged to their lowest levels in 18 years on Monday but staged a strong rebound the following day as investors took heart from moves by policymakers to support the virus-hit world economy.

                  In early Asian trade Wednesday, US benchmark West Texas Intermediate (WTI) was trading 1.46 percent higher at $20.77 a barrel.

                  Brent, the international benchmark, was unchanged at $22.74 a barrel.

                  A price war between major producers Saudi Arabia and Russia has led to a supply glut at a time when world economies are being hammered by business shutdowns and a halt in air travel due to the disease, which has killed more than 42,000 worldwide.

                  ANZ Bank commodities analysts said ship-tracking data showed Saudi Arabia had boosted crude exports over the past week from seven million barrels per day to around nine million barrels.

                  This suggests that the biggest producer in the OPEC cartel is on track to reach a record 12.3 million barrel a day in April, they said in a note.

                  Ignoring requests from US President Donald Trump to slow down, Saudi Arabia is "intent on flooding the world with oil when there's nary a demand," said AxiCorp global markets strategist Stephen Innes.

                  Innes warned of an "unparalleled oil demand destruction" as countries tip into recession.

                  As of the end of March, oil prices have tanked by more than 60 percent from levels seen at the start of the year.

AFP/APP

 

 

Related News

Name Price/Vol %Chg/NChg
KSE100 131,949.07
198.95M
0.97%
1262.41
ALLSHR 82,069.26
730.83M
0.94%
764.01
KSE30 40,387.76
80.88M
1.11%
442.31
KMI30 191,376.82
77.76M
0.36%
678.77
KMIALLSHR 55,193.97
350.11M
0.22%
119.82
BKTi 35,828.25
28.42M
3.64%
1259.85
OGTi 28,446.34
6.84M
-1.02%
-293.01
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,125.00 110,525.00
107,865.00
-2290.00
-2.07%
BRENT CRUDE 68.51 68.89
67.75
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 106.00 106.00
105.85
-2.20
-2.03%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.50 67.18
66.04
-0.50
-0.75%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 05, 2025 at 11:58 PM GMT+05:00

Weekly Market Roundup


July 05, 2025 at 02:57 PM GMT+05:00

National Savings Schemes see over Rs27bn inflow in May


July 04, 2025 at 10:16 PM GMT+05:00

CAT upholds CCP’s ruling against PREMA Milk


July 04, 2025 at 10:07 PM GMT+05:00

Gold price in Pakistan falls Rs1,500 per tola


July 04, 2025 at 08:01 PM GMT+05:00

TRG in Supreme Court



Top 5 things to watch in this week

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