AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.10 Increased By ▲ 0.06 (0.05%)
BOP 6.59 Decreased By ▼ -0.08 (-1.2%)
CNERGY 4.46 Decreased By ▼ -0.05 (-1.11%)
DCL 8.51 Decreased By ▼ -0.04 (-0.47%)
DFML 41.83 Increased By ▲ 0.39 (0.94%)
DGKC 86.56 Decreased By ▼ -0.29 (-0.33%)
FCCL 32.00 Decreased By ▼ -0.28 (-0.87%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.14 Decreased By ▼ -0.11 (-1.07%)
HUBC 109.20 Decreased By ▼ -0.37 (-0.34%)
HUMNL 14.70 Increased By ▲ 0.02 (0.14%)
KEL 5.11 Increased By ▲ 0.06 (1.19%)
KOSM 7.18 Decreased By ▼ -0.28 (-3.75%)
MLCF 41.19 Decreased By ▼ -0.19 (-0.46%)
NBP 59.94 Decreased By ▼ -0.47 (-0.78%)
OGDC 194.27 Increased By ▲ 4.17 (2.19%)
PAEL 28.14 Increased By ▲ 0.31 (1.11%)
PIBTL 7.78 Decreased By ▼ -0.05 (-0.64%)
PPL 151.37 Increased By ▲ 1.31 (0.87%)
PRL 26.33 Decreased By ▼ -0.55 (-2.05%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 78.30 Decreased By ▼ -7.70 (-8.95%)
TELE 7.46 Decreased By ▼ -0.25 (-3.24%)
TOMCL 35.40 Decreased By ▼ -0.01 (-0.03%)
TPLP 8.15 Increased By ▲ 0.03 (0.37%)
TREET 16.06 Decreased By ▼ -0.35 (-2.13%)
TRG 52.75 Decreased By ▼ -0.54 (-1.01%)
UNITY 26.50 Increased By ▲ 0.34 (1.3%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,934 Increased By 50.6 (0.51%)
BR30 30,915 Increased By 315.4 (1.03%)
KSE100 93,843 Increased By 487.6 (0.52%)
KSE30 29,073 Increased By 141.7 (0.49%)

Iran wants oil prices to stay above $100 a barrel, its oil minister said on Sunday after crude touched nine-month lows near $101 on Friday and ahead of OPEC's next meeting on May 31. "An oil price below $100 is not reasonable for anyone," Rostam Qasemi said. A broad sell-off in commodities saw Brent crude contracts fall from around $106 a barrel on Wednesday to a close of $103.11 on Friday.
Fellow OPEC member Saudi Arabia's oil minister said last month that around $100 a barrel was a "reasonable" price for consumers and producers alike. Weak economic data from the United States on Friday followed forecasts for lower global oil demand growth for 2013 released last week by the International Energy Agency and the Organisation of the Petroleum Exporting Countries (OPEC).
Brent prices recovered a little on Friday afternoon as oil traders started buying the global benchmark while selling US crude oil on news of a large increase of Canadian oil flows into the United States.
Brent has traded mostly above $100 a barrel since early 2011, driven by unrest in Libya and a stand-off over Iran's nuclear programme, worrying investors that elevated energy costs will hurt the fragile global recovery.
Western sanctions have cut Tehran's oil exports by more than half over the past year, making every extra dollar it can raise from those barrels it can sell vital for public coffers.

Copyright Reuters, 2013

Comments

Comments are closed.