Oil Prices Hit Reverse Again
Muhammad Rameez Published August 25, 2016 | 05:48 PM
LONDON,(UrduPoint / Pakistan Point News -25th Augst,2016) - World oil prices skidded lower Thursday, reversing earlier gains as traders dwelled on rising US crude stockpiles and the stronger dollar. At 1145 GMT, US benchmark West Texas Intermediate (WTI) for delivery in October sagged 22 cents at $46.55 per barrel. Brent North Sea crude for October delivery lost 20 cents to $48.85 a barrel compared with the close on Wednesday. "It is the aftershocks of yesterday's disappointing oil report and the strengthening of US Dollar that are helping to apply renewed downward pressure on crude prices," City Index analyst Fawad Razaqzada told AFP. The stronger greenback makes dollar-priced crude more expensive for buyers using weaker currencies.
In turn, that tends to dampen demand and price levels. The US energy department said Wednesday that American crude oil inventories soared 2.5 million barrels last week, indicating poor demand. Both main oil contracts plunged on the news, which confounded forecasts for a fall and fanned worries about the stubborn global supply glut. Meanwhile, hopes for a deal to limit oil output were dealt a blow. The commodity entered a bull market last week -- a 20 percent rise from recent lows -- and rallied for seven straight sessions thanks to news that export grouping OPEC and Russia would hold talks on output to address the oversupply crisis.
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Pakistan
-
Naval Chief participates in 19th Western Pacific Naval Symposium in China
2 hours ago -
Int'l symposium addresses capacity building for safe, environmentally sound ship recycling in Pakist ..
3 hours ago -
Shahzeb Chachar to hold khuli kachehri on April 26
3 hours ago -
Court adjourns Judicial Complex attack case till May 17
3 hours ago -
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
3 hours ago -
Wafaqi Mohtasib inspection team visits Excise and taxation office
3 hours ago
-
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil Rights in South Asia ..
4 hours ago -
IBCC to promote educational excellence, expand regional presence
4 hours ago -
Pakistan embassy organizes scholarship award ceremony in Kathmandu
4 hours ago -
SC to hear case pertaining IHC judges' letter on April 30
4 hours ago -
SC orders removal of barriers outside buildings in Karachi
4 hours ago -
PFA launches crackdown, impose fine for selling expired drinks, food items
4 hours ago