AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

World oil prices fell in Asian trade Monday after a proposed US government bailout of the financial sector moved closer to Congressional approval, dealers said. New York's main contract, light sweet crude for November delivery, fell 1.04 dollars to 105.85 dollars from 106.89 at the close of floor trading on the New York Mercantile Exchange Friday.
Brent North Sea crude for November delivery dropped 69 cents to 102.85 dollars a barrel. On Sunday US lawmakers struck a deal on draft legislation for the bailout of up to 700 billion dollars for struggling Wall Street banks hit by the worst financial crisis since the Great Depression of the 1930s. Republican negotiator Judd Gregg said he hoped the bill could be voted on as early as Monday by both the House of Representatives and the Senate.
Victor Shum, an analyst with energy consultancy Purvin and Gertz, said the deal would offer only short-term relief for investors worried about the impact of the financial crisis on energy demand in the world's biggest oil user. "It looks like it has got agreement from both the Democrats and the Republicans," Shum said in Singapore.
"However, there are still a lot of worries about the depth and length of the economic impact of this crisis. These worries will weigh on prices," he said. Oil prices have dropped sharply from record high levels above 147 dollars in July on worries that demand is shrinking in a US-led global slowdown.
The main points of the 106-page bill, known as the Emergency Economic Stabilisation Act of 2008, include the immediate release of 250 billion dollars to enable the government to buy up "troubled assets" at the root of a global financial crisis. In the bill, the president is authorised to approve a further 100 billion dollars, but the plan gives Congress a veto power over purchases above that limit and sets a ceiling for all purchases of 700 billion dollars.

Copyright Agence France-Presse, 2008

Comments

Comments are closed.