Oil price uptrend likely to continue despite current slowdown

01:00 PM | 13 May, 2016
Oil price uptrend likely to continue despite current slowdown
SINGAPORE (APP) - Oil prices fell in Asia on Friday as investors took a breather from the recent price rally spurred by the International Energy Agency's forecast that the crude oversupply would shrink dramatically later this year.

The uptrend is likely to continue as the IEA report shows that a readjustment of supply and demand is likely to come in sooner rather than later, analysts said.

Demand is expected to grow at a "solid" rate this year, boosted by India's needs, the IEA said on Thursday as it projected that the oil surplus would "shrink dramatically" later in the year.

Persistent oversupply resulting from high production levels and weak demand had burdened the market for nearly two years.

While prices have surged to six-month highs this week after plunging below $30 in February, they are still 60 percent off their value of more than $100 a barrel in June 2014.

At around 0340 GMT, US benchmark West Texas Intermediate for June delivery was down 44 cents, or 0.94 percent, at $46.26 and Brent crude for July fell 29 cents, or 0.60 percent, at $47.79 a barrel.

Both contracts closed one percent higher Thursday after the IEA report was released, and analysts said the uptrend was likely to continue despite occasional dips.

The IEA "signalled that the non-OPEC oil output could decline by a larger amount than expected this year, while demand appears to be rising more than initially forecast," said Alex Wijaya, senior sales trader at CMC Markets in Singapore.

BMI Research said that it would remain bullish on the oil market over the next three to six months "as prices remain locked in a resilient uptrend and market oversupply will continue to rebalance".

Traders are also setting their sights on a June 2 meeting of the Organization of the Petroleum Exporting Countries.

Earlier, OPEC and non-OPEC producers in April failed to reach a deal to freeze output.


Pakistani rupee remains stable against US dollar, Euro, Pound and other currencies

Pakistani rupee remained stable against US dollar, and other currencies in the open market amid strong economic cues.

Dollar Rate in Pakistan Today

On Sunday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.

Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.

UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.

Today’s currency exchange rates in Pakistan – 3 December 2023

Currency Symbol Buying Selling
US Dollar ‎USD 285.15 287.95
Euro EUR 309.9 310.5
UK Pound Sterling GBP 359.4 360.05
U.A.E Dirham AED 77.45 77.6
Saudi Riyal SAR 75.82 75.97
Australian Dollar AUD 187.72 188.22
Bahrain Dinar BHD 759.94 767.94
Canadian Dollar CAD 209.99 210.49
China Yuan CNY 39.78 39.88
Danish Krone DKK 41.95 42.05
Hong Kong Dollar HKD 36.38 36.48
Indian Rupee INR 3.39 3.5
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 926.39 935.39
Malaysian Ringgit MYR 60.38 60.98
New Zealand Dollar NZD 173.44 175.44
Norwegians Krone NOK 26.25 26.55
Omani Riyal OMR 742.16 750.18
Qatari Riyal ‎QAR 78.5 79.2
Singapore Dollar SGD 212.45 212.95
Swedish Korona SEK 27.09 27.19
Swiss Franc CHF 325.38 325.88
Thai Bhat THB 8.05 8.09

Gold prices increase in Pakistan; check out today gold rates in Pakistan - 3 December 2023  

The price of gold increased by thousands of rupees due to an upward trend in the international market.

Gold Rates in Pakistan Today - 3 December 2023

On Sunday, the price of a single tola of 24-karat gold stands at Rs219,800 and 10 grams of 24k gold costs Rs188,450.

Meanwhile, single tola of 22 Karat gold costs Rs201,482, 21 karat rate costs Rs192,325 and 18k gold rate is Rs164,850.

Globally, gold prices hover at around $2072, gaining $32 on Sunday.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 219,800 PKR 2,730
Karachi PKR 219,800 PKR 2,730
Islamabad PKR 219,800 PKR 2,730
Peshawar PKR 219,800 PKR 2,730
Quetta PKR 219,800 PKR 2,730
Sialkot PKR 219,800 PKR 2,730
Attock PKR 219,800 PKR 2,730
Gujranwala PKR 219,800 PKR 2,730
Jehlum PKR 219,800 PKR 2,730
Multan PKR 219,800 PKR 2,730
Bahawalpur PKR 219,800 PKR 2,730
Gujrat PKR 219,800 PKR 2,730
Nawabshah PKR 219,800 PKR 2,730
Chakwal PKR 219,800 PKR 2,730
Hyderabad PKR 219,800 PKR 2,730
Nowshehra PKR 219,800 PKR 2,730
Sargodha PKR 219,800 PKR 2,730
Faisalabad PKR 219,800 PKR 2,730
Mirpur PKR 219,800 PKR 2,730


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