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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.

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Pakistani rupee exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 18 May 2024 Forex Rates

Pakistani currency rates against US Dollar and other currencies on May 18, 2024 (Saturday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.35 for selling.

Euro stands at 297 for buying and 299.5 for selling while British Pound rate is 348.5 for buying, and 352 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 18 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.4 280.35
Euro EUR 297 299.5
UK Pound Sterling GBP 348.5 352
U.A.E Dirham AED 75.25 76
Saudi Riyal SAR 73.5 74.25
Australian Dollar AUD 181 183
Bahrain Dinar BHD 747.77 755.77
Canadian Dollar CAD 203 205
China Yuan CNY 38.49 38.89
Danish Krone DKK 40.25 40.65
Hong Kong Dollar HKD 35.96 36.31
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 913.28 922.28
Malaysian Ringgit MYR 58.69 59.29
New Zealand Dollar NZD 169.45 171.45
Norwegians Krone NOK 25.67 25.97
Omani Riyal OMR 730.59 738.59
Qatari Riyal QAR 76.41 77.11
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.67 25.97
Swiss Franc CHF 309.01 311.51
Thai Bhat THB 7.57 7.72

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