AIRLINK 196.01 Increased By ▲ 2.45 (1.27%)
BOP 10.11 Increased By ▲ 0.16 (1.61%)
CNERGY 7.87 Decreased By ▼ -0.06 (-0.76%)
FCCL 39.93 Decreased By ▼ -0.72 (-1.77%)
FFL 16.96 Increased By ▲ 0.10 (0.59%)
FLYNG 27.20 Decreased By ▼ -0.55 (-1.98%)
HUBC 133.65 Increased By ▲ 1.07 (0.81%)
HUMNL 14.13 Increased By ▲ 0.24 (1.73%)
KEL 4.67 Increased By ▲ 0.07 (1.52%)
KOSM 6.65 Increased By ▲ 0.03 (0.45%)
MLCF 47.10 Decreased By ▼ -0.50 (-1.05%)
OGDC 214.95 Increased By ▲ 1.04 (0.49%)
PACE 6.99 Increased By ▲ 0.06 (0.87%)
PAEL 42.06 Increased By ▲ 0.82 (1.99%)
PIAHCLA 17.18 Increased By ▲ 0.03 (0.17%)
PIBTL 8.53 Increased By ▲ 0.12 (1.43%)
POWER 9.68 Increased By ▲ 0.04 (0.41%)
PPL 184.48 Increased By ▲ 2.13 (1.17%)
PRL 42.84 Increased By ▲ 0.88 (2.1%)
PTC 25.10 Increased By ▲ 0.20 (0.8%)
SEARL 111.01 Increased By ▲ 4.17 (3.9%)
SILK 1.00 Increased By ▲ 0.01 (1.01%)
SSGC 44.11 Increased By ▲ 4.01 (10%)
SYM 17.83 Increased By ▲ 0.36 (2.06%)
TELE 8.97 Increased By ▲ 0.13 (1.47%)
TPLP 13.00 Increased By ▲ 0.25 (1.96%)
TRG 67.39 Increased By ▲ 0.44 (0.66%)
WAVESAPP 11.70 Increased By ▲ 0.37 (3.27%)
WTL 1.82 Increased By ▲ 0.03 (1.68%)
YOUW 4.00 Decreased By ▼ -0.07 (-1.72%)
BR100 12,226 Increased By 181.6 (1.51%)
BR30 36,946 Increased By 366 (1%)
KSE100 115,411 Increased By 1372.9 (1.2%)
KSE30 36,305 Increased By 510.4 (1.43%)

Oil prices rose 4 percent on Wednesday after a smaller-than-expected build in US crude inventories offset glut worries stirred by the end of a Kuwaiti strike, and as oil bulls bet that major crude producers would meet again to try to curtail output. Moscow, however, denied media reports that Russia planned to host such a meeting. Just on Sunday, Russia and Opec nations failed to reach an agreement on freezing production at a meeting in Doha, Qatar.
"There is no such agreement" for producing nations to meet in Russia, Russian Energy Minister Alexander Novak was quoted as saying by RIA news agency. Earlier, Russia said it was ready to ramp up its oil output in a further fallout after producers failed to reach a deal for a freeze. Brent's front-month contract settled up $1.77, or 4 percent, at $45.80 a barrel. It had fallen to a session low of $42.81.
US crude's front-month contract, May, which expired at Wednesday's settlement, finished up $1.55, or 3.8 percent, at $42.63 a barrel. The session low was $39.85. Oil prices rebounded after the US Energy Information Administration (EIA) said crude stocks rose 2.1 million barrels last week, compared with forecasts for a 2.4 million-barrel build and industry group American Petroleum Institute's data showing a 3.1 million-barrel rise.
"It's overall mixed and slightly supportive, with total stocks of refined products and crude oil combined declining slightly," said Dominick Chirichella, senior partner at the Energy Management Institute in New York. Prices of ultra-low sulfur diesel, also known as heating oil, rose 5 percent and hit 4-1/2-month highs after the EIA report showed an unexpected drop in stockpiles of distillates, which include diesel.
Gasoline rose more modestly, about 1 percent, after inventories for the motor fuel fell just about a tenth of expected levels. "Distillates are the standout bullish element of the report and gasoline is the disappointment," said Matt Smith, director of commodity research at New York-headquartered energy data provider ClipperData. Crude prices had initially tumbled as the Kuwaiti oil and gas industry called off a three-day strike and reports later said six supertankers had lined up at Kuwait's crude export terminal to load oil. Kuwait has also raised its oil output to 1.6 million barrels per day (bpd) from 1.1 million on Sunday.

Copyright Reuters, 2016

Comments

Comments are closed.