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Oil prices dip in Asia, Russia-Saudi talks disappoint

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.

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

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 17 April 2024

Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 17 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.4
Euro EUR 293.15 296.1
UK Pound Sterling GBP 344.25 347.6
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 911.26
Malaysian Ringgit MYR 58.24 58.84
New Zealand Dollar NZD 164.75 166.75
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.07
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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