Oil prices rebound in Asia but glut woes remain

11:46 AM | 21 Jan, 2016
Oil prices rebound in Asia but glut woes remain
SINGAPORE (APP) - Oil rose in Asia Thursday, giving a much-needed breather to the battered crude market, but traders remain on edge as the supply glut and weak demand that has sent prices to more than 12-year lows shows no sign of letting up.

The battered commodity has taken a hammering so far in 2016, with both main contracts already down about 25 percent.

On Wednesday US benchmark West Texas Intermediate fell below $27 a barrel for the first time since May 2003, days after Brent touched below $28.

But bargain-hunting provided some support Thursday. WTI for March delivery, a new contract, rose 34 cents, or 1.20 percent, to $28.69 a barrel by 0330 GMT, while Brent gained 38 cents, or 1.36 percent, to $28.26.

WTI’s February contract sank to as low as $26.19 on its last day of trading in New York on Wednesday before closing at $26.55, the lowest level since May 2003.

However, expectations that a report due later in the day from the Energy Information Administration will show another increase in US commercial stockpiles limited gains, analysts said.

The price of oil has crashed about 75 percent since mid-2014, hit by an oversupply, overproduction, weak demand and a slowdown in the global economy, especially China.

“With oil already hitting such a low, fundamentals are the key issue right now,” said Phillip Futures analyst Daniel Ang, referring to supplies continuing to outrun demand.

The Paris-based International Energy Agency (IEA) warned this week that the oil market could “drown in oversupply”, with the return of Iranian crude after the lifting of western sanctions offsetting any output cuts from other countries.

While prices are expected to remain subdued, some analysts said they could be close to the bottom.

“I would think the bearishness will continue into the first half of the year, but in terms of hitting a bottom, we are more or less there,” Ang said.

“I’m really sceptical of prices hitting below $20,” he said, adding that “$24-$25 will likely prove a very strong support that shouldn’t break.”

BMI Research said the strong dollar will also help push down prices of commodities, including oil. Commodities are traded in dollars, making them more expensive to holders of weaker currencies.

“The ongoing depreciation of emerging market currencies and strength in the US dollar will keep commodities prices in check over the first half of 2016 and several of them are likely to reach new lows in the coming months,” it said in a note.


Pakistani rupee remains stable against US Dollar, Euro, Pound, Riyal and Dirham; Check forex rates

Pakistani rupee remained stable against the US dollar, and other currencies in the open market on Friday.

Dollar Rate in Pakistan Today

On Friday, the US dollar remained stable and was being quoted at 283.2 for buying and 286.15 for selling.

Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.

Today's currency exchange rates in Pakistan - 8 December 2023

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

Currency Symbol Buying Selling
US Dollar ‎USD 283.2 286.15
Euro EUR 308 311
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.4 78.1
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 757.23 765.23
Canadian Dollar CAD 209 211
China Yuan CNY 39.89 40.29
Danish Krone DKK 41.19 41.59
Hong Kong Dollar HKD 36.41 36.71
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 921.71 930.71
Malaysian Ringgit MYR 61.02 61.62
New Zealand Dollar NZD 174.54 176.54
Norwegians Krone NOK 26.05 26.35
Omani Riyal OMR 739.62 747.62
Qatari Riyal ‎QAR 78.22 78.92
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.12 27.42
Swiss Franc CHF 324.94 327.44
Thai Bhat THB 8.06 8.21

Gold prices in Pakistan increase; Check out latest rates here

Gold price in Pakistan increased as the yellow metal witnessed an upward trend in the international market.

Gold Rates in Pakistan Today - 8 December 2023

On Friday, the price of a single tola of 24-karat gold stands at Rs217,400 and 10 grams of 24k gold costs Rs186,390.

Single tola of 22 Karat Gold costs Rs199,282, 21 karat rate for per tola is Rs190,225 and 18k gold rate is Rs163,050 each tola.

In the global market, gold prices hover at around $2026, gaining $8.30 on Friday.

Today Gold Rate in Pakistan

Today Gold Price in Pakistan (8 December 2023)

City Gold Silver
Lahore PKR 217,400 PKR 2,583
Karachi PKR 217,400 PKR 2,583
Islamabad PKR 217,400 PKR 2,583
Peshawar PKR 217,400 PKR 2,583
Quetta PKR 217,400 PKR 2,583
Sialkot PKR 217,400 PKR 2,583
Attock PKR 217,400 PKR 2,583
Gujranwala PKR 217,400 PKR 2,583
Jehlum PKR 217,400 PKR 2,583
Multan PKR 217,400 PKR 2,583
Bahawalpur PKR 217,400 PKR 2,583
Gujrat PKR 217,400 PKR 2,583
Nawabshah PKR 217,400 PKR 2,583
Chakwal PKR 217,400 PKR 2,583
Hyderabad PKR 217,400 PKR 2,583
Nowshehra PKR 217,400 PKR 2,583
Sargodha PKR 217,400 PKR 2,583
Faisalabad PKR 217,400 PKR 2,583
Mirpur PKR 217,400 PKR 2,583


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