AIRLINK 155.40 Increased By ▲ 0.52 (0.34%)
BOP 10.05 Increased By ▲ 0.09 (0.9%)
CNERGY 7.28 Decreased By ▼ -0.05 (-0.68%)
CPHL 82.45 Increased By ▲ 4.21 (5.38%)
FCCL 48.75 Increased By ▲ 1.22 (2.57%)
FFL 14.84 Increased By ▲ 0.35 (2.42%)
FLYNG 44.96 Increased By ▲ 4.09 (10.01%)
HUBC 139.80 Increased By ▲ 1.09 (0.79%)
HUMNL 12.80 Decreased By ▼ -0.13 (-1.01%)
KEL 4.42 Increased By ▲ 0.08 (1.84%)
KOSM 5.23 Increased By ▲ 0.07 (1.36%)
MLCF 76.00 Increased By ▲ 0.08 (0.11%)
OGDC 215.30 Decreased By ▼ -3.36 (-1.54%)
PACE 5.22 Decreased By ▼ -0.01 (-0.19%)
PAEL 45.66 Increased By ▲ 0.36 (0.79%)
PIAHCLA 15.99 Increased By ▲ 1.19 (8.04%)
PIBTL 8.60 Decreased By ▼ -0.04 (-0.46%)
POWER 15.26 Increased By ▲ 0.13 (0.86%)
PPL 168.67 Increased By ▲ 0.64 (0.38%)
PRL 29.89 Increased By ▲ 0.34 (1.15%)
PTC 20.67 Increased By ▲ 0.54 (2.68%)
SEARL 85.10 Increased By ▲ 2.53 (3.06%)
SSGC 35.15 Increased By ▲ 2.36 (7.2%)
SYM 15.00 Increased By ▲ 0.77 (5.41%)
TELE 6.92 Decreased By ▼ -0.07 (-1%)
TPLP 8.30 Increased By ▲ 0.04 (0.48%)
TRG 64.18 Increased By ▲ 0.89 (1.41%)
WAVESAPP 9.04 Decreased By ▼ -0.01 (-0.11%)
WTL 1.26 No Change ▼ 0.00 (0%)
YOUW 3.64 Increased By ▲ 0.03 (0.83%)
AIRLINK 155.40 Increased By ▲ 0.52 (0.34%)
BOP 10.05 Increased By ▲ 0.09 (0.9%)
CNERGY 7.28 Decreased By ▼ -0.05 (-0.68%)
CPHL 82.45 Increased By ▲ 4.21 (5.38%)
FCCL 48.75 Increased By ▲ 1.22 (2.57%)
FFL 14.84 Increased By ▲ 0.35 (2.42%)
FLYNG 44.96 Increased By ▲ 4.09 (10.01%)
HUBC 139.80 Increased By ▲ 1.09 (0.79%)
HUMNL 12.80 Decreased By ▼ -0.13 (-1.01%)
KEL 4.42 Increased By ▲ 0.08 (1.84%)
KOSM 5.23 Increased By ▲ 0.07 (1.36%)
MLCF 76.00 Increased By ▲ 0.08 (0.11%)
OGDC 215.30 Decreased By ▼ -3.36 (-1.54%)
PACE 5.22 Decreased By ▼ -0.01 (-0.19%)
PAEL 45.66 Increased By ▲ 0.36 (0.79%)
PIAHCLA 15.99 Increased By ▲ 1.19 (8.04%)
PIBTL 8.60 Decreased By ▼ -0.04 (-0.46%)
POWER 15.26 Increased By ▲ 0.13 (0.86%)
PPL 168.67 Increased By ▲ 0.64 (0.38%)
PRL 29.89 Increased By ▲ 0.34 (1.15%)
PTC 20.67 Increased By ▲ 0.54 (2.68%)
SEARL 85.10 Increased By ▲ 2.53 (3.06%)
SSGC 35.15 Increased By ▲ 2.36 (7.2%)
SYM 15.00 Increased By ▲ 0.77 (5.41%)
TELE 6.92 Decreased By ▼ -0.07 (-1%)
TPLP 8.30 Increased By ▲ 0.04 (0.48%)
TRG 64.18 Increased By ▲ 0.89 (1.41%)
WAVESAPP 9.04 Decreased By ▼ -0.01 (-0.11%)
WTL 1.26 No Change ▼ 0.00 (0%)
YOUW 3.64 Increased By ▲ 0.03 (0.83%)
BR100 12,729 Increased By 85.4 (0.68%)
BR30 37,559 Increased By 266.2 (0.71%)
KSE100 118,954 Increased By 378.4 (0.32%)
KSE30 36,443 Increased By 141.2 (0.39%)
Markets

Oil gains as risk of Iran supply resumption recedes

  • Still, prices were off their highs earlier in the day, with US crude briefly dipping into negative territory.
Published June 15, 2021

TOKYO: Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.

Brent crude was up by 38 cents, or 0.5%, at $73.24 a barrel by 0651 GMT, having risen 0.2% on Monday. US oil gained 33 cents, or 0.5%, to $71.21 a barrel, having slipped 3 cents in the previous session.

Indirect discussions between the United States and Iran, along with other parties to the 2015 deal on Tehran's nuclear programme, resumed on Saturday in Vienna and were described as "intense" by the European Union.

A US return to the deal would pave the way for the lifting of sanctions on Iran that would allow the OPEC member to resume exports of crude.

It is "looking increasingly unlikely that we will see the US rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note.

Other members of the Organization of Petroleum Exporting Countries (OPEC) along with major producers including Russia - a group known as OPEC+ - have been withholding output to support prices amid the pandemic.

"Additional supply from OPEC+ will be needed over the second half of this year, with demand expected to continue its recovery," ING said.

Still, prices were off their highs earlier in the day, with US crude briefly dipping into negative territory.

"Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.

Investors and traders are also watching the outcome of a two-day US Federal Reserve meeting that starts later on Tuesday for signals on when it will start to scale back monetary stimulus, he said.

The Fed is getting ready to starting debating how and when to start tapering a massive asset-purchase program that helped support the US economy during the pandemic.

Comments

Comments are closed.