AGL 40.18 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.31 Increased By ▲ 0.27 (0.21%)
BOP 6.61 Decreased By ▼ -0.06 (-0.9%)
CNERGY 4.49 Decreased By ▼ -0.02 (-0.44%)
DCL 8.53 Decreased By ▼ -0.02 (-0.23%)
DFML 41.84 Increased By ▲ 0.40 (0.97%)
DGKC 87.60 Increased By ▲ 0.75 (0.86%)
FCCL 32.70 Increased By ▲ 0.42 (1.3%)
FFBL 65.01 Increased By ▲ 0.21 (0.32%)
FFL 10.27 Increased By ▲ 0.02 (0.2%)
HUBC 109.75 Increased By ▲ 0.18 (0.16%)
HUMNL 14.64 Decreased By ▼ -0.04 (-0.27%)
KEL 5.12 Increased By ▲ 0.07 (1.39%)
KOSM 7.57 Increased By ▲ 0.11 (1.47%)
MLCF 41.64 Increased By ▲ 0.26 (0.63%)
NBP 59.71 Decreased By ▼ -0.70 (-1.16%)
OGDC 193.72 Increased By ▲ 3.62 (1.9%)
PAEL 28.25 Increased By ▲ 0.42 (1.51%)
PIBTL 7.75 Decreased By ▼ -0.08 (-1.02%)
PPL 151.80 Increased By ▲ 1.74 (1.16%)
PRL 26.46 Decreased By ▼ -0.42 (-1.56%)
PTC 16.11 Increased By ▲ 0.04 (0.25%)
SEARL 84.20 Decreased By ▼ -1.80 (-2.09%)
TELE 7.68 Decreased By ▼ -0.03 (-0.39%)
TOMCL 35.39 Decreased By ▼ -0.02 (-0.06%)
TPLP 8.11 Decreased By ▼ -0.01 (-0.12%)
TREET 16.00 Decreased By ▼ -0.41 (-2.5%)
TRG 52.60 Decreased By ▼ -0.69 (-1.29%)
UNITY 26.31 Increased By ▲ 0.15 (0.57%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,785 Increased By 429.6 (0.46%)
KSE30 29,050 Increased By 119.3 (0.41%)

NEW YORK: Oil prices ended higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the US Federal Reserve about economic pain ahead.

Brent crude futures rose $1.65 to settle at $100.99 a barrel. US West Texas Intermediate (WTI) crude futures rose 54 cents to settle at $93.06 a barrel. Both contracts rose and fell by $1 throughout the session.

Overall, Brent gained 4.4% for the week, while WTI was set to rise 2.5%. The United Arab Emirates became the latest OPEC+ member to state it is aligned with Saudi Arabia’s thinking on crude markets, a source with knowledge of the matter told Reuters.

On Monday, Saudi Arabia flagged the possibility of production cuts to offset the return of Iranian barrels to oil markets should Tehran clinch a nuclear deal with the West. “The impression remains that Saudi Arabia is not willing to tolerate any price slide below $90. Speculators could view this as an invitation to bet on further price rises without the need to fear any more pronounced price declines,” Commerzbank said in a note.

Oil prices briefly fell after Fed Chair Jerome Powell said tight monetary policy may be in store “for some time” to fight inflation, meaning slower growth, a weaker job market and “some pain” for households and businesses.

Comments

Comments are closed.