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Crude oil drops below $40 a barrel for first time in last six years

01:34 AM | 25 Aug, 2015
Crude oil drops below $40 a barrel for first time in last six years
NEW YORK (Web Desk/APP) - The drop in US oil prices continued on Monday with the black liquid finishing below $40 a barrel, emboldening talk that lower prices could persist for longer, leading to much more carnage in the global oil patch.

Near 1800 GMT, US benchmark West Texas Intermediate for delivery in October was at $39.07 a barrel, down $1.38. The US benchmark contract last finished below $40 a barrel in February 2009.

The latest plunge in prices comes as growing worries about Chinese economic slowdown add to anxiety about excess supply.

“The mood is fairly depressed considering everyone is lowering the forecasts for next year and pushing out the recovery until 2017,” said Fred Lawrence, vice president of economics and international affairs at the Independent Petroleum Association of America.

Oil prices have been mostly in retreat for the last year, dropping from a peak of more than $100 a barrel in June 2014 to the mid-$40s in March, in part due to decisions by the Organisation of the Petroleum Exporting Countries to keep output high despite lower prices.

The latest drop, since early July, roughly coincides with a wave of volatility that hit the Chinese stock market and the July 14 nuclear agreement between Iran and world powers that will lift sanctions on Iran’s oil industry in exchange for stricter oversight of Iran’s nuclear industry.

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US Dollar, Euro, Dirham, Pound, Riyal Rate in Pakistan Today - Currency Rates 20 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 20, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.35 and selling rate is 303.25.

British Pound rate is 354.85 for buying, and 358.35 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.70.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.35 303.25
UK Pound Sterling GBP 354.85 358.35
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.7 74.42
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.5 7.65

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