Oil prices soar in Asian trade
US benchmark West Texas Intermediate for October delivery gained 86 cents to $39.46 while Brent crude for October rose $1.07 to $44.21 in late-morning trade.
The US Department of Energy said Wednesday US crude supplies unexpectedly fell by 5.5 million barrels for the week ending August 21, indicating healthy demand.
However, US crude production slipped a scant 11,000 barrels a day in the same period, keeping output above 9.3 million barrels and not far from a decades-high production level.
In another bearish indicator, gasoline supplies increased by 1.7 million barrels, adding to concerns of a global glut of energy supplies.
Despite the gains in Asian trading, Singapore´s United Overseas Bank said the mixed report compounded "negative sentiment after worldwide falls in equities that helped drag fuel prices to six and a half year lows".
Oil prices hit their lowest levels since early 2009 on Monday over concerns China´s slowing economy will curb demand for the commodities that have helped drive its growth over the past three decades.
The devaluation of the yuan two weeks ago largely fuelled the economic fears that sparked the rout, which also saw heavy losses in most global commodities and equity markets.
London-based Capital Economics predicted a rebound in commodities markets, saying that "much of the bad news was already baked in the cake before the latest sell-off".
- Live Open Market Foreign Currency Exchange Rates in Pakistan today - ...08:47 AM | 27 Jan, 2021
- Today's gold rates in Pakistan — 27 January 202108:42 AM | 27 Jan, 2021
- Bakhtawar Bhutto's mehndi function kicks off today11:59 PM | 26 Jan, 2021
- Bakhtawar gets a special wedding gift from Asif Zardari10:38 PM | 26 Jan, 2021
- Developer bringing Paris to Pakistan with replica of French city ...10:04 PM | 26 Jan, 2021
- Asia Argento accuses Fast & Furious director of sexual assault09:32 PM | 26 Jan, 2021
- Danyal Zafar set to make his TV debut08:51 PM | 26 Jan, 2021
- Shraddha Kapoor to marry a celebrity photographer?09:12 PM | 26 Jan, 2021
- Hollywood's top female celebs who lift weights to stay fit02:36 PM | 22 Jan, 2021
- Here's how world leaders responded to Biden's inauguration as POTUS07:24 PM | 21 Jan, 2021
- Stars who turned down plastic surgery07:32 PM | 17 Jan, 2021
- Stars who dated in the past11:38 PM | 5 Jan, 2021