AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

Crude prices finished mixed Thursday, with US oil taking a breather from the market slide that is driven by persistent concerns about high production and a global oversupply of crude.
US benchmark West Texas Intermediate for September delivery closed at $41.14 a barrel in its last day of trade on the New York Stock Exchange, gaining 34 cents from Wednesday's settlement.
Brent North Sea crude for October delivery, the international benchmark, fell 54 cents to $46.62 a barrel in London.
WTI prices haven fallen more than 30 percent since this year's peak in June. The small rebound Thursday could be due to a weaker dollar, said Gene McGillian of Tradition Energy.
A softer greenback makes dollar-priced crude oil less expensive, tending to stimulate demand.
"We're reaching the level where the selloff might seem a little overextended and I think the market is trying to find a footing," he said.
McGillian noted the US futures contract had dropped as low as $40.21 a barrel earlier in the day, the lowest level in more than six years.
"It seems as if every time we get some kind of bearish information the market continues to go lower," he said, emphasizing that the market would closely follow Friday's weekly US oil count.
Petroleum services firm Baker Hughes publishes the weekly report on active US oil rigs, which market-watchers see as an indicator of US crude production and demand.
McGillian said that with WTI near $40, the risk/reward ratio in the market is starting to turn against production.
Signs that crude supplies could start to fall because of reduced US drilling, any ramping-up of geopolitical risks, and indications that China's economic slowdown will be manageable, could turn the price tide, he said. "The market is vulnerable to a turnaround, that's why the selloff has slowed a bit," McGillian said.
On the other hand, Citigroup saw WTI possibly falling to $32 a barrel.
"Oil balances point to further oversupply throughout 2015 begging the question how low can oil go," the US banking giant said in a market commentary, adding that hitting the 2008 low of $32.40 a barrel "is a conceivable reality."

Copyright Agence France-Presse, 2015

Comments

Comments are closed.