Crude oil prices down as dollar rises
A mixed trend is witnessed during oil trading in the Asian market as the commodity rate remained less than $75.
Decrease in demand in USA also lowered the oil purchaseLight Sweet Crude Oil for November delivery is up by 13 cents to $74.84 cents. London Brent North Sea deals reached $77. 79 cents.
Crude oil prices down as dollar rises
A mixed trend is witnessed during oil trading in the Asian market as the commodity rate remained less than $75.
Decrease in demand in USA also lowered the oil purchaseLight Sweet Crude Oil for November delivery is up by 13 cents to $74.84 cents. London Brent North Sea deals reached $77. 79 cents.
Oil falls amid weak US data
NEW YORK: Oil fell to around $76 a barrel on Friday, dropping alongside equities markets as weak US consumer sentiment and falling consumer prices lowered investor appetite for risk.
Data released on Friday showed US consumer prices fell for a third straight month while consumer sentiment tumbled to an 11-month low, helping push down both oil and equities.
Falling consumer prices can be a sign that an economy is in deceleration, which would reduce demand for oil. Low consumer sentiment implies less consumer demand for goods and services, which would likewise hurt oil demand.
US crude for August settled down 61 cents to $76.01 a barrel, closing the week 8 cents lower than the previous week.
Prices reached an interday high of $77.15.
London Brent”s new front-month September crude oil futures contract was down 72 cents to $75.37.
“It”s really the demand-side story that is driving the-day-to day price swings,” said Tim Evans, energy analyst for Citi Futures Perspective. “The thing that is directing traffic here for the oil market is whether the SP is up or down.”
The SP 500 and the Dow Jones industrial average were both down more than 2 percent in afternoon trading, spurred by lackluster earnings and the sluggish economic data.
That data overshadowed a decline in the US dollar, which is usually bullish for crude because it makes oil cheaper for buyers that hold other currencies.
Traders also shrugged off news of possible storms that could disrupt Gulf of Mexico oil operations.
The US National Hurricane Center said two low pressure systems, one in the Gulf of Mexico and one east of Nicaragua in the Caribbean Sea, each had a 10 percent chance of becoming the season”s next tropical cyclone during the next 48 hours.
It was days away from potentially entering the oil-rich Gulf of Mexico.
US crude prices have traded in a range between $71 and $80 a barrel for almost six weeks as volatility related to the European debt crisis dwindled. This week they have found support near the $75 per barrel range.
“Near-term crude fundamentals continue to look supportive as refinery runs remain on the rise, particularly in Asia following seasonal maintenance,” said J.P. Morgan in a research note.
Over the year, prices have stayed within a $23 span, hitting a 19-month peak above $87 and a trough below $65, both in May.
Crude Oil slips further down
Crude oil falls further, pounded by continued worries over euro-zone sovereign debt, the pace of U.S. economic recovery and swelling petroleum stockpiles.
Light, sweet crude oil for June delivery on the New York Mercantile Exchange settled down by 62 cents a barrel at $73.78.
London Brent North Sea delivery contracts down by 64 cents at $79.66 cents.
Tea Worth $16.41 Crore Was imported During First 8 Months
KARACHI PAKISTAN : Tea worth $16.41 crore was imported during first 8 months of current fiscal year, standing at 23% more in comparison with same period of last fiscal year.
According to the statistics released by State Bank of Pakistan (SBP), $1.99 crore tea was imported during the month of February 2010, which was 27% more than it was imported in February 2009 and was 35% less as compared to January this year.
Fiscal year 2009 saw import of $20 crore tea, which was 11% more than previous fiscal year.
Tea Worth $16.41 Crore Was imported During First 8 Months was first posted on March 19, 2010 at 3:03 pm.
Copyright @ A Pakistan News
Oil Down In International Market
Oil is down in the international market due to fall in Euro against dollar.
The light sweet crude oil for April delivery is decreased by 30 cents to $81.90 cents a barrel.
London Brent North Sea delivery contracts decreased by 31 cents at $81.17 cents.
Euro shrank due to Greece financial crisis, which resulted into increase in dollar rate.
Oil Down In International Market was first posted on March 19, 2010 at 5:51 pm.
Copyright @ A Pakistan News
Crude Oil Exceeds $80 A Barrel In Asian Markets
Oil up in Asia
Crude oil exceeds $80 a barrel in Asian markets.
During trading in Singapore delivery contract for March increased by 50 cents to 80.16 cents per barrel. London Brent North crude for April delivery was at $78.80 with an increase of 47 cents.
According to the traders, the fall of dollar against Euro pushed the prices of oil and other commodities.
Crude Oil Exceeds $80 A Barrel In Asian Markets was first posted on March 1, 2010 at 5:40 pm.
Khosa Graft Case: SC Reserves Verdict
Supreme Court has reserved its verdict in a graft case against former attorney general Sardar Latif Khosa today.
One Hamid Maghfoor and his wife Dr Mazhar Jamal filed a petition in the apex court alleging Khosa of taking Rs0.2million to get their case dismissed. A three-judge bench headed by Justice Mian Shakir Ullah Khan heard the case. Khosa’s counsel argued that only Pakistan Bar Council (PBC) is entitled to take action against any lawyer under legal practitioners and Pakistan Bar Council Act 1973. However, the court remarked that the SC is entitled to take action against any lawyer under the Supreme Court Rules 1980. Meanwhile, Attorney General Anwar Mansoor said that the SC should not hear the case even if it is entitled to do so and leave the issue to the PBC.
Khosa Graft Case: SC Reserves Verdict was first posted on February 22, 2010 at 4:19 pm.
Sindh, Punjab Agree On Water Distribution:Lahore
Secretaries of both Punjab and Sindh have been agreed on irrigational water distribution today.
The second phase of the talks between Sindh and Punjab on the issue is underway at Lahore, in which it has been decided that the provinces would be given water as per their sowing season. The Sindh delegation is headed by Secretary Irrigation Shuja Junejo, while the Punjab side is led by Secretary irrigation Rab Nawaz. During the meeting, the experts were keenly reviewing Chashma-Jhelum link canal, Chahsma power house and other water related issues. The experts of both sides presented their suggestions in light of the available record.
Sindh, Punjab Agree On Water Distribution:Lahore was first posted on February 22, 2010 at 4:35 pm.
$80 Oil above in Asia
Crude oil is above $80 a barrel in Asian trade.
During trading in Singapore delivery contract for March increased by 63 cents to 80.44 cents per barrel. London Brent North crude for April delivery was at $78.80 with an increase of 61 cents.
According the traders, the economic stability pushed the buying wave up in the market, which led to the increase in rates.
$80 Oil above in Asia was first posted on February 22, 2010 at 5:12 pm.
