Oil hits 7-week high

Published June 20, 2024

LONDON: Oil prices hit seven-week highs on Wednesday as summer demand optimism and concerns over escalating conflicts offset an industry report that said US crude inventories unexpectedly rose.

Brent crude futures gained 23 cents, or 0.3 per cent, at $85.56 a barrel by 1525 GMT, while US West Texas Intermediate crude was up 18 cents, or 0.2pc, at $81.75 per barrel.

“The current snapshot presents an underwhelming picture but there are green shoots that indicate a more optimistic outlook,” said Tamas Varga of oil broker PVM.

The Brent price being $8 over the lows hit in early June “shows genuine optimism that the global oil balance will eventually tighten,” Varga added.

Both benchmarks, having recovered strongly in the last two weeks, gained more than $1 in the previous session to seven-week peaks after a Ukrainian drone strike led to an oil terminal fire at a major Russian port.

Published in Dawn, June 20th, 2024

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Bad measures
Updated 25 Jul, 2024

Bad measures

They do not seem to have realised that they have put the country’s best interests at risk.
Hamas-Fatah deal
25 Jul, 2024

Hamas-Fatah deal

THE Beijing Declaration signed in the Chinese capital on Tuesday reiterates the need for internal Palestinian unity...
Rating risks
25 Jul, 2024

Rating risks

FINANCE Minister Muhammad Aurangzeb’s recent discussions with the executives of the two top global credit rating...
Reforming militants
24 Jul, 2024

Reforming militants

Such initiatives have been tried before, in Swat for instance, at centres run by the military as well as NGOs.
IPP debate
24 Jul, 2024

IPP debate

A FIERCE debate blaming the exorbitant electricity prices on expensive power purchase agreements with IPPs has been...
Political vendettas
24 Jul, 2024

Political vendettas

IT seems that the PML-N and PPP need to be reminded again that they are doing themselves a considerable disservice ...