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Oil prices edge up in Asia

01:08 PM | 31 Dec, 2015
Oil prices edge up in Asia
SINGAPORE (APP) - Oil prices rebounded in Asia Thursday on bargain-hunting on the last trading day of 2015 following a sharp decline fuelled by an unexpected rise in US commercial stockpiles.

The commodity headed for another annual loss caused by a stubborn global supply glut and weak demand.

Data from the US Department of Energy showed inventories climbed 2.6 million barrels to 487.4 million in the week ending December 25, confounding forecasts for a drop.

The inventories, a gauge of demand in the world’s top oil consumer, are stuck near record levels and are up 26.5 percent from a year ago.

US benchmark West Texas Intermediate (WTI) for delivery in February edged up 15 cents to $36.75 and Brent added 22 cents to $36.68 by around 0230 GMT.

Both contracts slumped more than three percent on the US data Wednesday. WTI has lost 31 percent and Brent 36 percent of its value this year. In 2014, WTI lost 46 percent and Brent 48 percent.

“Thursday’s price rise comes from short-covering and consolidation after the steep decline on Wednesday,” said Daniel Ang, an analyst with Phillip Futures in Singapore.

“I think the renewed decline in oil could affect sentiment over energy stocks in Asia today, although we are likely to see very low volumes on the last trading day of the year,” said Bernard Aw, market strategist at IG Markets in Singapore.

“I feel we are going to see a very quiet Asia.”

Oversupply remains a concern well into 2016 after Organization of the Petroleum Exporting Countries in early December effectively rejected calls to cut its high output levels to revive prices.

Analysts are expecting no let up in production by OPEC and other oil producers such as the United States as they battle for market share.

Iran is also expected to ramp up its oil exports after Western sanctions are lifted next year as part of a deal reached in July to curb Tehran’s nuclear programme, further exacerbating the supply and demand imbalance.

Sanjeev Gupta, head of the Asia oil and gas practice at professional services firm EY, said “a host of economic data due from the US, including the closely watched unemployment rate, and China will set the tone for crude oil prices for the first trading week of 2016″.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 19 April 2024

Pakistani currency saw minor adjustment against global currencies on April 19, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.2 and Saudi Riyal's new rates was at 73.30.

Today’s currency exchange rates in Pakistan - 19 April 2024

Currency Symbol Buying Selling
US Dollar ‎USD 277.4 280.4
Euro EUR 293 296
UK Pound Sterling GBP 342.25 345.65
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.09 748.09
Canadian Dollar CAD 201 203
China Yuan CNY 38.44 38.84
Danish Krone DKK 39.69 40.09
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.64 911.64
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.31 25.61
Omani Riyal OMR 722.87 730.87
Qatari Riyal ‎QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.08 307.58
Thai Bhat THB 7.56 7.71

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