Tag: West Texas intermediate

  • 7th consecutive gain: Pakistani rupee closes at Rs282.9 against US dollar

    7th consecutive gain: Pakistani rupee closes at Rs282.9 against US dollar

    In a persistent surge, the Pakistani rupee (PKR) continued its upward trend against the US dollar (USD) for the seventh consecutive session, appreciating by 0.04 per cent in the inter-bank market on Wednesday.

    According to the State Bank of Pakistan (SBP), the PKR concluded at Rs282.9, marking an increase of Rs0.11.

    In the open market scenario, the PKR experienced a decline of 25 paisa for both buying and selling against the USD, settling at Rs281.50 and Rs284.50, respectively.

    Conversely, against the Euro, the PKR maintained stability for both buying and selling, closing at Rs307.00 and Rs310.00, respectively.

    Against the UAE dirham, the PKR held steady for both buying and selling, concluding at Rs77.30 and Rs78.00, respectively.

    In comparison, against the Saudi Riyal, the PKR saw a gain of 10 paisa for both buying and selling, closing at Rs75.20 and Rs75.90, respectively.

    This positive trend follows Tuesday’s marginal gain, where the rupee settled at Rs283.01 against the US dollar.

    The dollar index, which experienced a slight dip on Tuesday, maintaining a mostly flat position at 102.20, had previously reached a four-month low of 101.76 last week.

    In the backdrop of global trade concerns and heightened geopolitical tensions in the Middle East, with Yemen’s Iran-aligned Houthi forces conducting attacks on ships in the Red Sea, oil prices surged past $80 a barrel on Wednesday.

    Brent crude futures observed an 89-cent increase, or 1.1 per cent, reaching $80.12 a barrel by 1101 GMT, while US West Texas Intermediate crude climbed 93 cents, or 1.3 per cent, to $74.87 a barrel.

  • Global oil prices climb to highest in three weeks

    Oil prices increased on Monday as fears of limited global supply intensified, with the developing crisis in Ukraine raising the risk of more penalties from the West against Russia, the world’s leading exporter.

    Brent futures were up $1.50, or 1.3 per cent, at $113.20 a barrel, while US West Texas Intermediate futures were up 98 cents, or 0.9 per cent, at $107.93 per barrel. Both contracts surged more than 2.5 per cent on April 14, ahead of the Easter weekend holidays, on news that the European Union would phase in a ban on Russian oil imports.

    Last week, EU governments said that the bloc’s executive was working on ideas to ban Russian oil, but officials said Germany was not actively backing an immediate ban.

    Those remarks came before the Ukraine situation escalated over the weekend, with the Ukrainian military defying a Russian demand to lay down arms in the pulverised port of Mariupol on Sunday. Moscow, which refers to its efforts in Ukraine as a “special operation,” said its soldiers had nearly entirely captured the city, with no sign of a truce in sight.

    Read more: Oil prices jump following Russia’s biggest production decline

    Due to sanctions or importers voluntarily rejecting Russian shipments, the International Energy Agency has warned that around 3 million barrels per day (BPD) of Russian oil might be shut in from May onwards.