AGL 40.35 Increased By ▲ 0.15 (0.37%)
AIRLINK 129.65 Increased By ▲ 0.54 (0.42%)
BOP 6.72 Increased By ▲ 0.12 (1.82%)
CNERGY 4.12 Increased By ▲ 0.09 (2.23%)
DCL 8.77 Increased By ▲ 0.32 (3.79%)
DFML 41.50 Increased By ▲ 0.25 (0.61%)
DGKC 88.05 Increased By ▲ 1.05 (1.21%)
FCCL 33.85 Increased By ▲ 0.50 (1.5%)
FFBL 66.20 Increased By ▲ 0.30 (0.46%)
FFL 10.62 Increased By ▲ 0.08 (0.76%)
HUBC 113.70 Increased By ▲ 3.00 (2.71%)
HUMNL 15.80 Increased By ▲ 0.57 (3.74%)
KEL 4.83 Increased By ▲ 0.05 (1.05%)
KOSM 7.59 Decreased By ▼ -0.24 (-3.07%)
MLCF 42.82 Increased By ▲ 0.92 (2.2%)
NBP 61.05 Increased By ▲ 0.55 (0.91%)
OGDC 190.49 Increased By ▲ 7.69 (4.21%)
PAEL 26.75 Increased By ▲ 1.39 (5.48%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 149.20 Increased By ▲ 1.39 (0.94%)
PRL 25.06 Increased By ▲ 0.50 (2.04%)
PTC 16.24 No Change ▼ 0.00 (0%)
SEARL 71.30 Increased By ▲ 0.80 (1.13%)
TELE 7.25 Decreased By ▼ -0.05 (-0.68%)
TOMCL 36.30 No Change ▼ 0.00 (0%)
TPLP 7.99 Increased By ▲ 0.14 (1.78%)
TREET 16.16 Increased By ▲ 0.86 (5.62%)
TRG 51.55 Decreased By ▼ -0.15 (-0.29%)
UNITY 27.26 Decreased By ▼ -0.09 (-0.33%)
WTL 1.27 Increased By ▲ 0.04 (3.25%)
BR100 9,937 Increased By 95.3 (0.97%)
BR30 30,615 Increased By 578.2 (1.92%)
KSE100 93,264 Increased By 743.5 (0.8%)
KSE30 29,018 Increased By 231.2 (0.8%)

NEW YORK: Oil slipped on Thursday, extending a sell-off triggered by the US presidential election, as a strong dollar and lower crude imports in China outweighed supply risks from a Trump presidency and output cuts caused by Hurricane Rafael.

Donald Trump’s election win initially triggered a sell-off that pushed oil down more than $2 as the dollar rallied. But crude prices later pared losses to settle at a less than 1% decline by the end of Wednesday’s session.

Brent crude oil futures fell 66 cents, or 0.9%, to $74.26 a barrel by 1419 GMT on Thursday. US West Texas Intermediate (WTI) crude lost 80 cents, or 1.1%, to $70.89. Downside factors include a strong dollar and sluggish demand, while upside pressures come from potentially increased sanctions on Iran and Venezuela under Trump, as well as conflict in the Middle East, said Saxo Bank analyst Ole Hansen. “Some of these potential drivers will have no impact in the foreseeable future, but they all add up to the current narrative leading to rangebound trading,” he said.

“Absent any major geopolitical escalation, the short-term outlook leans toward downside risk in my opinion.” The dollar held near four-month highs on Thursday as investors prepared for several central bank decisions, including from the US Federal Reserve.

Comments

200 characters