AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

NEW YORK: Oil futures were little changed on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meet on Wednesday nL8N2Z94QT. Two of eight sources said a modest output hike would be discussed, while the rest said a boost was unlikely.

OPEC+ nL1N2ZE104 sees this year’s oil market as slightly less supplied than previously thought.

Brent futures rose 25 cents, or 0.3%, to $100.28 a barrel by 10:07 a.m. EDT (1407 GMT), while U.S. West Texas Intermediate (WTI) crude rose 19 cents, or 0.2%, to $94.08.

“There’s a lot more uncertainty this time around,” said Craig Erlam of brokerage OANDA of the OPEC+ meeting. “The decision this week will tell us just how unified the group still is.”

Oil soared earlier in 2022, with Brent in March coming close to its all time high of $147.50 a barrel after Russia’s invasion of Ukraine in February added to supply concerns. Worries about slowing growth have since eclipsed tight supply.

OPEC+ sees slightly smaller oil market surplus this year, sources say

Surveys showed factories across the United States, Europe and Asia struggled for momentum in July as flagging global demand and China’s strict COVID-19 restrictions slowed production.

“These readings did nothing to mitigate the fears of recession,” said Tamas Varga at oil broker PVM.

Casting a cloud over the market are worries that a visit to Taiwan by U.S. Speaker of the House Nancy Pelosi will escalate tensions between the United States and China. Stocks slipped and bond yields fell on worries about the visit.

The United States, meanwhile, imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars’ in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme.

Also coming into view is the latest weekly reading on U.S. oil inventories.

Analysts polled by Reuters forecast U.S. crude inventories fell by 500,000 barrels last week.

The American Petroleum Institute (API), an industry group, will issue its U.S. inventory report at 4:30 p.m. EDT (2030 GMT), followed by the U.S. Energy Information Administration (EIA) at 10:30 a.m. EDT (1430 GMT) on Wednesday.

Comments

Comments are closed.