AGL 34.89 Decreased By ▼ -0.31 (-0.88%)
AIRLINK 129.55 Increased By ▲ 6.32 (5.13%)
BOP 5.15 Increased By ▲ 0.11 (2.18%)
CNERGY 3.84 Decreased By ▼ -0.07 (-1.79%)
DCL 8.09 Decreased By ▼ -0.06 (-0.74%)
DFML 44.34 Increased By ▲ 0.12 (0.27%)
DGKC 75.25 Increased By ▲ 0.90 (1.21%)
FCCL 24.60 Increased By ▲ 0.13 (0.53%)
FFBL 49.30 Increased By ▲ 1.10 (2.28%)
FFL 8.85 Increased By ▲ 0.07 (0.8%)
HUBC 142.50 Decreased By ▼ -3.35 (-2.3%)
HUMNL 10.50 Decreased By ▼ -0.35 (-3.23%)
KEL 3.97 Decreased By ▼ -0.03 (-0.75%)
KOSM 7.90 Decreased By ▼ -0.10 (-1.25%)
MLCF 33.00 Increased By ▲ 0.20 (0.61%)
NBP 56.85 Decreased By ▼ -0.30 (-0.52%)
OGDC 144.50 Decreased By ▼ -0.85 (-0.58%)
PAEL 25.50 Decreased By ▼ -0.25 (-0.97%)
PIBTL 5.78 Increased By ▲ 0.02 (0.35%)
PPL 116.30 Decreased By ▼ -0.50 (-0.43%)
PRL 24.05 Increased By ▲ 0.05 (0.21%)
PTC 11.05 No Change ▼ 0.00 (0%)
SEARL 58.80 Increased By ▲ 0.39 (0.67%)
TELE 7.48 Decreased By ▼ -0.01 (-0.13%)
TOMCL 41.15 Increased By ▲ 0.05 (0.12%)
TPLP 8.65 Increased By ▲ 0.34 (4.09%)
TREET 15.15 Decreased By ▼ -0.05 (-0.33%)
TRG 54.55 Decreased By ▼ -0.65 (-1.18%)
UNITY 27.88 Increased By ▲ 0.03 (0.11%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 8,646 Increased By 74.6 (0.87%)
BR30 27,117 Decreased By -158.3 (-0.58%)
KSE100 82,136 Increased By 677.1 (0.83%)
KSE30 26,037 Increased By 237.2 (0.92%)

SINGAPORE: Oil prices, which were little changed in early Asian trade on Friday, were on track to end higher for a second straight week following a large cut in US interest rates and declining global stockpiles.

Brent futures, which were trading 19 cents or 0.3% lower at $73.69 a barrel at 0027 GMT on Friday, gained 4.3% this week.

US crude, which was up 6 cents at $72.01 a barrel, has registered weekly gains of 4.8%.

The benchmarks have been recovering after they fell to near three year-lows on Sept. 10, and have registered gains in five of the seven sessions since then.

The US central bank cut interest rates by half a percentage point on Wednesday. Interest rate cuts typically boost economic activity and energy demand, but some also saw the large cut as a sign of a weak US labour market.

Oil prices rise 2pc on US interest rate cut

Crude inventories in the US, the world’s top producer, fell to a one-year low last week, government data showed on Wednesday.

A counter-seasonal oil market deficit of around 400,000 barrels per day (bpd) will support Brent crude prices in the $70 to $75 a barrel range during the next quarter, Citi analysts said on Thursday, but added prices could plunge in 2025.

Crude prices were also being supported by rising tensions in the Middle East.

Walkie-talkies used by Lebanese armed group Hezbollah exploded on Wednesday following similar explosions of pagers the previous day. Security sources said Israeli spy agency Mossad was responsible, but Israeli officials did not comment on the attacks.

Weak demand from China’s slowing economy was weighing on prices, with refinery output in China slowing for a fifth month in August.

China’s industrial output growth also slowed to a five-month low last month, and retail sales and new home prices weakened further.

Comments

200 characters