• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Time of Pakistan
No Result
View All Result
Home Business Economy

Oil Up on Drop in U.S. Crude Stockpiles

ToP by ToP
April 21, 2015
in Economy
0
Oil Prices Up

Oil Prices Up With Iraq Violence in Focus

0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Oil prices rose on Monday after a drop in stockpiles at the delivery point for U.S. crude in the second half of last week outweighed pressure from near record high production in Saudi Arabia. 

[contentblock id=1 img=adsense.png]

Tensions in the Middle East and a drop in the number of rigs drilling for oil in the United States also put a floor beneath U.K. North Sea Brent and U.S. crude futures, traders said.

Oil prices

Brent, the more widely-referenced benchmark, was up 40 cents at $63.85 a barrel by 1:12 p.m. EDT (1712 GMT), after falling more than $1 earlier. U.S. crude rose $1.14 cents to $56.88, after losing nearly $1 at the session low. “The market was bouncing around looking for news to latch on to, and the draw numbers for U.S. crude certainly helped,” said Phil Flynn, analyst at the Price Futures Group in Chicago. Oil services firm Genscape reported a drop of more 900,000 barrels at the Cushing, Oklahoma delivery point for U.S. crude between Tuesday and Friday last week, market sources who saw the data said. For the week to Friday, Genscape reported a build of about 350,000 barrels, they said. Speculation has been rife that rapidly climbing U.S. crude supplies would soon cause storage tanks in Cushing to top, leaving little or no room for more barrels. The drop reported by Genscape eased some of that anxiety, traders said. 

[contentblock id=2 img=gcb.png]

Oil prices have risen around 17 percent since April began, on speculation about falling U.S. output as the domestic rig count fell to 2010 lows. But Wall Street bank and major energy trader Morgan Stanley said the drop could be outweighed by increases in Saudi production. “We worry about the market’s fixation on the U.S.,” Morgan Stanley said in a note. “Saudi Arabia alone added the equivalent of half of Bakken production in a matter of months – far beyond any U.S. slowdown,” the note said. Bakken, the third largest U.S. shale gas field by production, is estimated to turn out about 1.3 million bpd in April, by U.S. government estimates. Saudi oil minister Ali al-Naimi told Reuters in Seoul on Monday that the No. 1 crude exporter expected to produce at near record highs of around 10 million barrels per day in April. “I have said many times we will always be happy to supply to our customers with what they want,” Naimi said. “Now they want 10 million.” –Reuters

Tags: latest newspakistan newspakistan times
Previous Post

Chinese Investments Dwarf American Package: US Media

Next Post

Iran FM Urges talks with West to Solve Yemen Crisis

ToP

ToP

Related Posts

IMF
Pakistan

Pakistan Secures $7 Billion IMF Loan as Government Plans Stricter Measures for Taxpayers—Here’s What’s Coming Next

by Jameel Ahmad
September 13, 2024
Shehbaz Sharif
Pakistan

PM Shehbaz Hails Economic Progress: ‘Inflation Decrease and Credit Rating Upgrade Signal Positive Turn for Pakistan’

by Jameel Ahmad
September 2, 2024
IMF
Pakistan

Diplomatic Titans Rally Behind Pakistan’s Economic Revival

by Jameel Ahmad
March 21, 2024
Pakistan Stock Exchange
Pakistan

PSX Skyrockets Over 1,000 Points, Smashes Through 48,000 Barriers to Reach Two-Year High

by Jameel Ahmad
July 31, 2023
Salaried class income tax
Pakistan

Salaried Class Bears Nearly 200% More Tax Burden Than Exporters and Retailers

by Jameel Ahmad
July 26, 2023
US Dollar
Pakistan

PKR Strengthens by Rs15 Against US Dollar in Interbank Market Following IMF Approval

by Jameel Ahmad
July 4, 2023
shehbaz sharif Sabzazar Sports Complex
Pakistan

Prime Minister Shehbaz Sharif pledges to seek public support if IMF deal falls through

by Jameel Ahmad
June 12, 2023
Next Post
Mohammad Javad Zarif

Iran FM Urges talks with West to Solve Yemen Crisis

Popular Stories

  • Pakistan, India may allow bank branches

    Pakistan, India May Allow Bank Branches

    0 shares
    Share 0 Tweet 0
  • Islamic banks advised to distribute their profit on Islamic principles

    0 shares
    Share 0 Tweet 0
  • Welcome to Ghas Mandi: Asia’s largest gambling den

    0 shares
    Share 0 Tweet 0
  • Bodybuilding Champion Found Happiness in God, not Competition

    0 shares
    Share 0 Tweet 0
  • New Poverty Line Makes A Third Of Pakistanis Poor

    0 shares
    Share 0 Tweet 0
Time of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • 11th J.A. Zaman Memorial Open – Powered by Gem Golfers
  • Imran Khan and Bushra Bibi Sentenced to Jail in £190 Million Case
  • World’s Largest Submarine Cable Arrives in Pakistan: Could This End Internet Woes?

Times Of Pakistan © 2024. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In