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Oil prices up in Asia but oversupply worries weigh

12:59 PM | 1 Aug, 2016
Oil prices up in Asia but oversupply worries weigh
SINGAPORE - Oil prices edged up in Asia on Monday as the dollar weakened while bargain-buyers moved in following a recent sell-off. However, analysts have warned that a global supply glut and weak demand will temper the gains.

Prices hit three-month lows last week after US data showed an unexpected increase in commercial stockpiles of oil and gasoline, adding to worries about a global crude supply glut.

News that the US economy grew slower than expected in April-June also raised questions about demand in the world's biggest oil consumer.

However, the weak reading narrowed the chances of a US interest rate hike this year, sending the dollar tumbling, making oil cheaper for anyone using other currencies.

At about 0410 GMT, US benchmark West Texas Intermediate for October delivery, a new contract, rose 15 cents, or 0.36 percent, to $41.75, and Brent was up 15 cents, or 0.34 percent, at $43.68.

But analysts said the uptick was unlikely to be sustained. "There is a clear downward momentum to the market at the moment," Michael McCarthy, chief strategist at CMC Markets in Sydney told Bloomberg News.

"There are concerns about the oversupply situation continuing. Clearly $40 a barrel is a key point for West Texas and I'd expect to see support there given the bounces we've seen previously at that level."

Sanjeev Gupta, an oil and gas analyst with EY, added that "crude oil prices continued to remain under pressure due to concerns over slower economic activity in the US, high inventory levels of crude and finished products, and media reports of higher output from OPEC in July."

Energy information provider S&P Global Platts said production from the Organization of the Petroleum Exporting Countries surged to 300,000 barrels per day in June, close to an eight-year high.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.


PKR exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 22 April 2024

Pakistani currency remains largely same against US Dollar and other currencies on April 22, 2024 Monday.

USD to PKR rate today

US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 22 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71


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