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%)

LONDON: Oil prices were heading for another monthly decline on Friday after disappointing US economic data and uncertainty over further interest rate hikes weighed on the demand outlook.

Brent crude futures for June were up 42 cents, or 0.5%, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was down 1 cent at $78.21.

Brent is set for its fourth straight monthly fall. Brent prices retraced earlier losses after data showed the euro zone returned to growth in the first quarter, albeit only modestly and more slowly than expected.

US West Texas Intermediate (WTI) crude lost 15 cents, or 0.2%, to trade at $74.61 a barrel and is set for its sixth straight monthly decline. Data on Thursday showed that US economic growth slowed more than expected in the first quarter.

Oil dips 2pc on strong dollar

Investors are worried that potential interest rate hikes by inflation-fighting central banks could slow economic growth and dent energy demand in the United States, Britain and the European Union.

The US Federal Reserve’s next policy meeting is over May 2-3. On the supply side, Russian Deputy Prime Minister Alexander Novak said on Thursday said the OPEC+ producer group saw no need for further output cuts despite lower than expected Chinese demand.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC+, this month cut its combined output target by about 1.16 million barrels per day (bpd), which sent oil prices higher.

The market rallied on the OPEC+ announcement but has since weakened on concern about possible recession and the impact that would have on demand.

Energy Information Administration data this week showed that US crude oil and gasoline inventories fell more than expected last week as demand for the motor fuel picked up ahead of the peak summer driving season.

Comments

Comments are closed.