Oil prices gain

Published October 15, 2003

LONDON, Oct 14: Oil prices rose in late trading here on Tuesday, with traders saying that fund buying and technical factors were responsible rather than yet another bomb blast in Iraq.

The price of reference Brent North Sea crude oil for delivery in November rose 49 cents to $31.16 per barrel, having slipped back earlier in the day.

New York’s benchmark light sweet crude November contract was showing a rise of 40 cents to $32.35 per barrel in morning trading.

Hopes that Iraq’s oil exports could soon be boosted were dealt a further blow on Tuesday with a suicide car bombing outside the Turkish mission. However analysts said that other factors were behind the price increases.

“It looks to be largely fund buying, there is no fundamental news that we are aware of. We are a bit surprised to see prices up at these numbers,” said an analyst.

The increase was a “very strange move,” added Jon Rigby from Commerzbank. “The only thing I see is that there were still very large short positions in the market and we are seeing some covering now” ahead of the expiry of the November contract for Brent crude, he said.—AFP

Opinion

Editorial

Doctor attacked
09 Jun, 2026

Doctor attacked

AN act of reprehensible violence has shaken the medical community. On Saturday, an employee of the Provincial Civil...
AJK flare-up
Updated 09 Jun, 2026

AJK flare-up

The situation started deteriorating after a trader affiliated with the JAAC was reportedly shot in an altercation with law-enforcers.
Fault lines
09 Jun, 2026

Fault lines

THE April 8 ceasefire that halted hostilities between Israel and Iran has encountered its most serious test yet....
Soft on traders
08 Jun, 2026

Soft on traders

THE Fixed Tax Asaan Scheme for traders with an annual turnover of up to Rs200m has been designed as a ‘pragmatic...
Ceasefire in name
Updated 08 Jun, 2026

Ceasefire in name

Both sides accuse the other of violating the truce that was supposed to halt the conflict in April, yet neither appears willing to abandon negotiations altogether.
Damaged childhoods
08 Jun, 2026

Damaged childhoods

CHILD abuse is so prevalent that the UN ranked Pakistan as the least safe country for children. Even so, more than...