AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 132.66 Increased By ▲ 3.13 (2.42%)
BOP 6.89 Increased By ▲ 0.21 (3.14%)
CNERGY 4.57 Decreased By ▼ -0.06 (-1.3%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.75 Increased By ▲ 1.06 (2.54%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 77.06 Increased By ▲ 1.59 (2.11%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.01 Decreased By ▼ -0.54 (-0.49%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.67 Decreased By ▼ -0.12 (-0.3%)
NBP 65.50 Increased By ▲ 5.21 (8.64%)
OGDC 198.74 Decreased By ▼ -0.92 (-0.46%)
PAEL 26.00 Decreased By ▼ -0.65 (-2.44%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.35 Decreased By ▼ -0.11 (-0.6%)
SEARL 82.24 Decreased By ▼ -0.20 (-0.24%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.98 Decreased By ▼ -0.08 (-0.88%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.49 Decreased By ▼ -1.83 (-2.98%)
UNITY 27.52 Increased By ▲ 0.09 (0.33%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,614 Increased By 206.9 (1.99%)
BR30 31,874 Increased By 160.5 (0.51%)
KSE100 98,972 Increased By 1644 (1.69%)
KSE30 30,784 Increased By 591.7 (1.96%)

Oil jumped almost 4 percent on Monday after a rally in US gasoline and diesel due to a refinery outage helped crude futures advance from multi-month lows. The dollar's drop to a near two-week low also made oil and other commodities denominated in the greenback more affordable to holders of the euro and other currencies.
Brent, the global benchmark for oil, rose 3.7 percent, posting its largest gain since end-May. US crude rose 2.5 percent, its most in two months.
The rally came after a malfunction at the 240,000-barrels-per-day crude distillation unit at BP's Whiting, Indiana refinery sent gasoline prices soaring more than 4 percent.
Ultra low sulfur diesel gained more than 3 percent, rebounding from last week's six-year lows.
"A reduction in refinery activity should logically decrease the demand for crude, all things being equal," said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington.
"But the strong link between refined products and crude in the instance of a refinery issue creates the dynamic where the increased demand for the now, temporarily scarce gasoline outweighs the lessened demand for crude."
Brent crude settled up $1.80 at $50.41 a barrel. It hit a six-month low of $48.24 earlier in the session. US crude settled $1.09 up at $44.96 a barrel. It plumbed a 4-1/2 month of $43.35 in Asian trading.
Brent lost 23 percent of its value in the past six weeks and US crude 26 percent, pushed down by an oil glut.
Despite such oversupply, hedge funds and other big speculators raised their bullish exposure to US crude last week for the first time in seven weeks, trade data showed.
While US crude settled higher on Monday, its front-month contract was at the largest discount to the second-month since mid-July due to a higher oil surplus expected from the refinery outage in Whiting and elsewhere.

Copyright Reuters, 2015

Comments

Comments are closed.