AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 129.06 Decreased By ▼ -0.47 (-0.36%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.55 Decreased By ▼ -0.39 (-4.36%)
DFML 40.82 Decreased By ▼ -0.87 (-2.09%)
DGKC 80.96 Decreased By ▼ -2.81 (-3.35%)
FCCL 32.77 No Change ▼ 0.00 (0%)
FFBL 74.43 Decreased By ▼ -1.04 (-1.38%)
FFL 11.74 Increased By ▲ 0.27 (2.35%)
HUBC 109.58 Decreased By ▼ -0.97 (-0.88%)
HUMNL 13.75 Decreased By ▼ -0.81 (-5.56%)
KEL 5.31 Decreased By ▼ -0.08 (-1.48%)
KOSM 7.72 Decreased By ▼ -0.68 (-8.1%)
MLCF 38.60 Decreased By ▼ -1.19 (-2.99%)
NBP 63.51 Increased By ▲ 3.22 (5.34%)
OGDC 194.69 Decreased By ▼ -4.97 (-2.49%)
PAEL 25.71 Decreased By ▼ -0.94 (-3.53%)
PIBTL 7.39 Decreased By ▼ -0.27 (-3.52%)
PPL 155.45 Decreased By ▼ -2.47 (-1.56%)
PRL 25.79 Decreased By ▼ -0.94 (-3.52%)
PTC 17.50 Decreased By ▼ -0.96 (-5.2%)
SEARL 78.65 Decreased By ▼ -3.79 (-4.6%)
TELE 7.86 Decreased By ▼ -0.45 (-5.42%)
TOMCL 33.73 Decreased By ▼ -0.78 (-2.26%)
TPLP 8.40 Decreased By ▼ -0.66 (-7.28%)
TREET 16.27 Decreased By ▼ -1.20 (-6.87%)
TRG 58.22 Decreased By ▼ -3.10 (-5.06%)
UNITY 27.49 Increased By ▲ 0.06 (0.22%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,445 Increased By 38.5 (0.37%)
BR30 31,189 Decreased By -523.9 (-1.65%)
KSE100 97,798 Increased By 469.8 (0.48%)
KSE30 30,481 Increased By 288.3 (0.95%)

NEW YORK: Oil prices see-sawed in a tight range near a two-week low after dropping about 5% over the past two sessions as investors absorbed OPEC’s latest downward revision for demand growth, a stronger US dollar and disappointment over China’s latest stimulus plan.

Brent futures rose 16 cents, or 0.2%, to $71.99 a barrel by 10:57 a.m. EST (1557 GMT), while US West Texas Intermediate (WTI) crude rose 12 cents, or 0.2%, to $68.16. On Monday, both crude benchmarks settled at their lowest since Oct. 29. “A normal tendency in crude following a sharp drop would be a recovery back to about the middle of the prior day’s range within a couple of sessions,” analysts at energy advisory firm Ritterbusch and Associates said in a note.

OPEC cut its forecast for global oil demand growth in 2024 and also lowered its projection for next year, marking the producer group’s fourth consecutive downward revision.

The weaker outlook highlights the challenge facing OPEC+, the Organization of the Petroleum Exporting Countries and allies such as Russia. This month, the group postponed a plan to start raising output in December against a backdrop of falling prices.

“With China’s demand remaining lackluster, supply-side tinkering by OPEC is not having the desired impact other than maintain Brent price floor at $70,” said Gaurav Sharma, an independent oil analyst in London. OPEC said world oil demand would rise by 1.82 million barrels per day (bpd) in 2024, down from growth of 1.93 million bpd forecast last month.

The group also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd. OPEC remains at the top of industry estimates and has a long way to go to match the International Energy Agency’s far lower view. OPEC’s forecast on robust growth in China is “at odds with other forecasters, who have considerably reduced their end-2024 estimates on China’s poor macroeconomic performance and disappointing fiscal stimulus,” said Harry Tchilinguirian, head of research at Onyx Capital Group. On Friday, Beijing unveiled a 10-trillion-yuan ($1.4-trillion) debt package to ease local government financing strains.

Comments

Comments are closed.