Oil Prices Edge Higher
Muhammad Rameez Published July 22, 2016 | 09:23 PM
LONDON, (APP - UrduPoint / Pakistan Point News - 22th july, 2016) - Oil prices edged higher Friday, rebounding from two-month lows caused by a lingering global supply glut. Benchmark Brent crude hit a 2.5-month low point of $45.83 a barrel Friday, before recovering. Around 1145 GMT, Brent North Sea crude for delivery in September was up five cents at $46.25 a barrel compared with Thursday's close. US benchmark West Texas Intermediate climbed eight cents to $44.83 a barrel.
A rally seen in early July "is tapering off and the markets are starting to feel the effects of a supply glut again", said Alex Wijaya, a trader at CMC Markets. Crude had risen from near 13-year lows below $30 in February to above $50 in June owing to fires in Canada's key oilfields, unrest in key producer Nigeria and the start of the US driving season. However, with those issues now fading and dealers fretting over Brexit, prices have softened again.
Recent Stories
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
Journalists call for global action to end Gaza’s humanitarian crisis
CM for generating opportunities to bring direct int'l investment
Pakistan retains position in FTSE secondary emerging market
More Stories From World
-
Sound of the Underground: the busker aiming to play every London Tube stop
4 minutes ago -
Israeli strikes kill 42 in Syria's Aleppo province
24 minutes ago -
Calls for 'smartphone free' childhood grow in UK
44 minutes ago -
Russia hits Ukraine energy sector in overnight attack
44 minutes ago -
A-bomb saga 'Oppenheimer' finally opens in Japan
54 minutes ago -
Titian's masterpiece "Flora" breathes vibrancy into Sino-Italian art exchange
1 hour ago
-
Beijing International Film Festival to open mid-April
1 hour ago -
China's overnight Shibor interbank rate decreases Friday
1 hour ago -
Tokyo stocks end higher tracking Wall Street gains
1 hour ago -
Boao forum urges global cooperation in energy transition
1 hour ago -
China to export homegrown tunnel-boring machine to Italy
1 hour ago -
Over 9 pct of Mongolia's livestock die in cold winter
1 hour ago