US benchmark West Texas Intermediate for June delivery gained 87 cents to $61.27, while Brent crude for June rose 63 cents to $68.15 in afternoon trade. WTI jumped $1.47 in New York while Brent closed up $1.12 in London. Both finished at levels unseen since early December.
"Geopolitical concerns in the Middle East continue to form a firm base for oil prices, be it Libya, Yemen or Iraq," Nicholas Teo, market analyst at CMC Markets in Singapore, told AFP.
Media reports on Tuesday said protests in Libya had shut oil deliveries to a port in the east of the country.
Fighting since 2011 in OPEC member Libya has seen output reduced from a high of almost 1.5 million barrels a day to around 150,000 a day, according to analysts.
Oil prices have in recent weeks also gained some support due to ongoing strife in Yemen, whose coast forms one side of the Bab el-Mandeb Strait through which some 4.7 million barrels pass each day.
Analysts said dealers are awaiting the latest US crude stockpiles report for clues to the state of production in the world's top crude consumer.
Oil prices rose last week after the US Department of Energy's inventory report showed a 500,000 barrel drop in petroleum stocks to 61.7 million barrels at the Cushing, Oklahoma trading hub, the first such decline since late November.
Traders took the decline as a sign producers are cutting back at key US petroleum sites, raising hopes this could pave the way for an easing of a global supply glut.
Overall US crude inventories likely rose by 1.5 million barrels through May 1, according to a Bloomberg News survey.
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 ...
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)
|UK Pound Sterling||GBP||335||338|
|Hong Kong Dollar||HKD||34.19||34.54|
|New Zealand Dollar||NZD||173.25||175.25|
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.
|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|