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Oil prices at 2015 highs

Sarfraz Ali 12:59 PM | 6 May, 2015
Oil prices at 2015 highs
SINGAPORE (APP) - Oil prices extended gains in Asia to trade at 2015 highs Wednesday as fresh tensions in oil producer Libya raised concerns about a supply disruption in the Middle East, analysts said.

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
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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