Oil Update: Oil prices inch higher as US stockpiles fall

News Image

MG News | August 10, 2017 at 12:35 PM GMT+05:00

0:00

\"\"

Oil prices rose in the early trade across Asia as the reports revealed the US stockpiles had fallen more than expected.

Brent crude, the global benchmark, was up 8 cents, or 0.15 percent,at $52.78 at 0015 GMT. It closed 1.1 percent higher on Wednesday, snapping two days of declines.

U.S. West Texas Intermediate (WTI) crude was up 8 cents, or 0.2 percent, at $49.64, after rising 0.8 percent in the previous session.

U.S. crude inventories fell 6.5 million barrels last week, the government data showed, steeper than the expected decrease of 2.7 million barrels.

But a surprise increase in gasoline stocks is capping gains in oil prices and tempering attempts by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers to boost prices that are about half of levels three years ago.

They are cutting output by about 1.8 million barrels per day (bpd) under an agreement set to run until March 2018.

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,620.00 119,740.00
118,145.00
325.00
0.27%
BRENT CRUDE 73.21 73.63
71.75
0.70
0.97%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 69.95 70.51
68.45
0.74
1.07%
SUGAR #11 WORLD 16.46 16.58
16.37
-0.13
-0.78%

Chart of the Day


Latest News

Top 5 things to watch in this week

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