Oil Prices Edge Up In Asia After Sharp Plunge
SINGAPORE, (APP - UrduPoint / Pakistan Point News -1st Sep,2016) - Oil prices edged up slightly Thursday after being hammered the day before by data showing a sharp rise in US stockpiles, while analysts warned a pick-up in the Dollar would add further downward pressure. Both main contracts plunged Wednesday after the US Energy Department said commercial inventories in the world's top oil consumer edged up last week and were now 16 percent higher than the same period last year. The figures, which came despite a dip in production, poured fresh fuel on fears about a global supply glut that has dogged the crude market for years. By the end of Wednesday US benchmark West Texas Intermediate sank 3.6 percent and Brent dived 2.7 percent. At around 0720 GMT on Thursday, WTI for delivery in October was up 35 cents, or 0.76 percent, at $45.05 and Brent crude for November, a new contract,added 31 cents, or 0.66 percent, to $47.
20. "The small rebound was due to intra-day traders...
taking back short-term positions," said Jeffrey Halley, a senior market analyst at OANDA, told AFP. "I expect any rally to be short lived and for WTI and Brent to test and possibly break supports at $44.00 and $46.50." Prices soared last month as OPEC and Russia agreed to hold talks to address the supply crisis. But those gains have been slowly wiped away by a strong dollar -- making oil more expensive for holders of other units -- and uncertainty over OPEC member and key producer Iran's participation in the talks.
Analysts remain doubtful oil producers will agree to any limits at the meeting in Algeria this month. Traders are keeping a close eye on the release Friday of US jobs data, which could spur the Federal Reserve to hike interest rates and in turn send the dollar higher, denting oil demand further.
Election for Speaker, Deputy Speaker of NA to be held on Friday: Pervez Ashraf
Punjab Chief Secretary Zahid Akhtar Zaman made PCB member BoGs
Babar Saleem Swati elected as speaker of KPK Assembly
Dubai Customs Seizes 26.45 Kilograms of Marijuana Disguised in Red Onion Shipmen ..
Umpire Marais Erasmus announces retirement after T20 World Cup 2022
Abdul Khaliq Achakzai elected as Speaker Balochistan Assembly
Elevate Your Style: Dive into the Feature-Packed vivo Y17s Diamond Orange Editio ..
Newly elected MNAs take oath amid ruks in National Assembly
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 February 2024
Today Gold Rate in Pakistan 29 February 2024
Pak-Afghan Trade resumes at Chaman Border: Jan Achakzai
ECP appoints five presiding officers for presidential election
More Stories From World
Volkswagen teams up with Chinese EV maker Xpeng to develop intelligent connected vehicles9 minutes ago
Trial opens in France over 2018 Strasbourg Christmas market attack19 minutes ago
Medic says 50 killed as Israel fires on Gazans rushing to aid trucks19 minutes ago
Indonesia to start producing its first EV battery cells in April19 minutes ago
US urges new Pakistan govt. to prioritize economy, continue engagements with IMF29 minutes ago
Ambassador Hashmi call on Minister, CPC International Department39 minutes ago
Chinese Culture Day celebrated in Australian capital59 minutes ago
Medic says 50 killed as Israel fires on Gazans rushing to aid trucks59 minutes ago
Indonesia warns of heavy rains in capital for next 8 days1 hour ago
Cambodia-Laos-Vietnam trade fair kicks off in Laos1 hour ago
Leap year glitch disrupts Japan's driver license issuance1 hour ago
Swiss to vote on retirement age, pensions1 hour ago