SINGAPORE (APP) - Oil prices traded below $42 in Asia Monday ahead of an OPEC meeting and the release of data on China's important manufacturing sector later in the week.
The market will be watching whether members of the Organization of the Petroleum Exporting Countries, which meets on December 4, slash currently high output levels and ease a crude supply glut that has depressed prices for more than a year.
Analysts said traders will also tune in to two key speeches by US Federal Reserve chair Janet Yellen this week for signs on the timing of a hike in US interest rates.
November data on China's industrial sector is released on Tuesday, with traders looking for clues on the health of the world's top energy consumer.
At around 0230 GMT, US benchmark West Texas Intermediate for delivery in January was up 10 cents to $41.81 and Brent crude for January was trading five cents lower at $44.81 a barrel.
"We expect the focus to return to the timing of the US interest rate rise, with two key speeches by Fed Chair, Janet Yellen, on Wednesday and Thursday," Capital Economics said in a market commentary.
Analysts expect Fed policy makers to raise interest rates during their December meeting, a move that will boost the dollar and make dollar-priced oil more expensive, denting demand and prices.
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 ...
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 1, 2023 (Wednesday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||330.48||331.18|
|Hong Kong Dollar||HKD||33.72||34.07|
|New Zealand Dollar||NZD||171.35||173.35|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs202,000 on Wednesday. The price of 10 grams of 24k gold was recorded at Rs173,190.
Likewise, 10 grams of 22k gold were being traded for Rs164,500 while a single tola of 22-karat gold was being sold at Rs 179,100.
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.
|Lahore||PKR 202,000||PKR 2,390|
|Karachi||PKR 202,000||PKR 2,390|
|Islamabad||PKR 202,000||PKR 2,390|
|Peshawar||PKR 202,000||PKR 2,390|
|Quetta||PKR 202,000||PKR 2,390|
|Sialkot||PKR 202,000||PKR 2,390|
|Attock||PKR 202,000||PKR 2,390|
|Gujranwala||PKR 202,000||PKR 2,390|
|Jehlum||PKR 202,000||PKR 2,390|
|Multan||PKR 202,000||PKR 2,390|
|Bahawalpur||PKR 202,000||PKR 2,390|
|Gujrat||PKR 202,000||PKR 2,390|
|Nawabshah||PKR 202,000||PKR 2,390|
|Chakwal||PKR 202,000||PKR 2,390|
|Hyderabad||PKR 202,000||PKR 2,390|
|Nowshehra||PKR 202,000||PKR 2,390|
|Sargodha||PKR 202,000||PKR 2,390|
|Faisalabad||PKR 202,000||PKR 2,390|
|Mirpur||PKR 202,000||PKR 2,390|