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 prices surged on Wednesday as US crude exports hit an all-time high and as the nation’s refiners operated at higher-than-usual levels for this time of year.

Brent crude futures for December were up $2.16, or 2.3%, at $95.68 a barrel as of 11:01 a.m. EDT (1501 GMT). US West Texas Intermediate (WTI) crude futures for December rose $2.58, or 3%, to $87.90.

A 0.9% drop in the US dollar also added to bullishness, making oil cheaper for holders of other currencies.

Traders have been concerned about the supply outlook, so the US figures were a catalyst for more buyers to jump into the market. Oil analysts anticipate tighter supply in coming months after the Organization of the Petroleum Exporting Countries surprised markets with a larger-than-expected cut to its output targets earlier this month and in advance of a Dec. 5 European ban on oil imports from Russia.

“OPEC production cuts effective November and the new EU sanctions on Russian oil to be enforced from December should be positive” for prices, said Stephen Innes, managing partner at SPI Asset Management.

Oil rises on weaker dollar and supply worry; trade choppy

US crude stocks rose by 2.6 million barrels, more than anticipated, but that was lower than Tuesday’s data from the American Petroleum Institute, which showed a 4.5 million barrel rise in US inventories. In addition, crude exports rose to 5.1 million barrels a day, the most ever, dropping US crude imports on net to their lowest in history.

“Overall, thanks to the export market, this turns into a bullish report despite a medium-sized build in commercial crude inventories,” said John Kilduff, partner at Again Capital in New York.

Traders attributed the surge in exports to the widened WTI-Brent spread, which, coming into Wednesday’s trade, was at more than $8 per barrel. Refining output also remains high at nearly 89% of capacity, more than usual for this time of year.

Saudi energy minister Prince Abdulaziz bin Salman warned on Tuesday that energy stockpiles were being used as a mechanism to manipulate markets.

Saudi Aramco’s CEO said there were many uncertainties ahead of planned European embargoes on crude and refined products from Russia, a member of the OPEC+ alliance led by Saudi Arabia, adding that Russian oil is still finding buyers.

Comments

Comments are closed.

samir sardana Oct 26, 2022 10:47pm
AS I SAID ON "https://www.brecorder.com/news/40201840/oil-up-3-to-5-week-high-on-more-lift-from-opec-output-cut" ON OCT 08, 2022 01:36AM "THE USD RISE WILL PETER OUT IN A DAY OR TWO & THEN THE USD FALL WILL PUSH BRENT WELL ABOVE 100 USD !" THE USD HAS STARTED ITS DECLINE, WHICH WILL GO ON TILL A WEEK,BEFORE THE NEXT US FED MEETING ! BRENT WILL HIT 1OO SOON ! US OIL AND REFINED PRODUCTS AT MULTI YEAR LOWS ! SPR RELEASE HAS FAILED ! OPEC PLUS WAS BANG ON ! dindooohindoo
thumb_up Recommended (0)