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Oil prices dip in Asia, Russia-Saudi talks disappoint

Sarfraz Ali 12:02 PM | 5 Sep, 2016
Oil prices dip in Asia, Russia-Saudi talks disappoint
SINGAPORE (APP) - Oil prices slipped in Asia on Monday with traders disappointed by a lack of detail from Russia and Saudi Arabia on their plans to stabilise the crude market following talks at the weekend.

President Vladimir Putin met Deputy Crown Prince Mohammed bin Salman on the sidelines of the G20 in China on Sunday and said they would work to address a global glut and overproduction that has hammered prices for the past two years.

However, they provided no information on how they would proceed, just weeks before Moscow and crude cartel OPEC meet in Algeria to discuss the crisis.

At about 0320 GMT, the US benchmark West Texas Intermediate was down 0.74 percent, or 33 cents, at $44.11 while Brent fell 0.81 percent, or 38 cents, to $46.45.

Comments from Indonesian finance minister Sri Mulyani Indrawati on CNBC that she was "comfortable" with crude prices at $40-$45 a barrel, have also added pressure on prices. The only Asian member of OPEC, Indonesia exported $6.4 billion worth of petroleum in 2015.

The losses pared Friday s three percent gains, which came after Putin said Russia and other producing nations should freeze output to stabilise fluctuating prices. Russia and OPEC together produce half of the world s oil.

The previous attempt at reaching a deal in April were scuppered by OPEC member Iran s refusal to agree to any output freeze, and there are worries about the chances of an agreement can be reached in Algeria.

"At this stage, markets are probably just going to take the view that it needs to see some evidence, some tangible idea on what the agreement might actually amount to before responding to it," Ric Spooner, a chief market analyst at CMC Markets in Sydney told Bloomberg News.

"We will get a lot of statements about it but probably nothing really concrete until we get to the stage of the Algiers meeting."

The oil market has been plagued by a stubborn supply glut that saw prices plunge to near 13-year lows below $30 at the start of 2016, and while it has recovered recently, it is still well off highs above $100 seen in mid-2014.

Sarfraz Ali
Sarfraz Ali

Sarfraz Ali is working as Editor Web for Daily Pakistan. He earned a postgraduate degree in Mass Communication from IUB and diploma in International Print Journalism from Thomson Foundation UK. He regularly writes on ...

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 5, 2023 (Sunday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 280.9 284.25
Euro EUR 299 302
UK Pound Sterling GBP 335 338
U.A.E Dirham AED 75.14 75.44
Saudi Riyal SAR 73.55 73.85
Australian Dollar AUD 192 194
Bahrain Dinar BHD 712.72 720.72
Canadian Dollar CAD 205 207
China Yuan CNY 39.67 40.07
Danish Krone DKK 39.33 39.73
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 878 887
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.79 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.3

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,300 on Sunday. The price of 10 grams of 24k gold was recorded at Rs176,010.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 205,300 PKR 2,360
Karachi PKR 205,300 PKR 2,360
Islamabad PKR 205,300 PKR 2,360
Peshawar PKR 205,300 PKR 2,360
Quetta PKR 205,300 PKR 2,360
Sialkot PKR 205,300 PKR 2,360
Attock PKR 205,300 PKR 2,360
Gujranwala PKR 205,300 PKR 2,360
Jehlum PKR 205,300 PKR 2,360
Multan PKR 205,300 PKR 2,360
Bahawalpur PKR 205,300 PKR 2,360
Gujrat PKR 205,300 PKR 2,360
Nawabshah PKR 205,300 PKR 2,360
Chakwal PKR 205,300 PKR 2,360
Hyderabad PKR 205,300 PKR 2,360
Nowshehra PKR 205,300 PKR 2,360
Sargodha PKR 205,300 PKR 2,360
Faisalabad PKR 205,300 PKR 2,360
Mirpur PKR 205,300 PKR 2,360

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