Oil Update: Prices for oil steady after sharp declines in last session

News Image

MG News | August 15, 2017 at 01:32 PM GMT+05:00

0:00

\"\"

Oil prices were relatively steady on Tuesday after falling to their lowest in the last few weeks. The prices went down with stronger dollar and decline in Chinese refinery runs.

Global benchmark Brent crude futures were up 3 cents, or 0.1 percent, at $50.76 at 0551 GMT. That was just above the contract's 100-day moving average, briefly breached in the previous session.

U.S. West Texas Intermediate crude futures were down 1 cent at $47.58 a barrel.

Prices for oil decline more than 2.5% on Monday, due to demand concerns from China. Both Brent and WTI had reached two-month highs on Aug. 10.

Chinese demand has been weakening, as the refineries in China were operating at their lowest output since September 2016, official releases revealed on Monday.

Analysts said the drop was steeper than expected, exacerbating concerns that a glut of refined fuel products could weaken Chinese demand for oil.

The dollar index, which measures the greenback against a basket of six major currencies, climbed 0.4 percent on Monday and was up 0.1 percent on Tuesday.

An announcement by the Nigerian subsidiary of Royal Dutch Shell that it had lifted a force majeure on Bonny Light crude exports also added to market surplus woes.

Oil prices had earlier on Monday been supported by reports that Libya's top oilfield had cut its output by 30 percent on security concerns.

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes


July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25



Top 5 things to watch in this week

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