Skip to main content

Oil extends gains after Opec+ agrees to slash crude output.  Read news

Opec+ agreed to further tighten global crude supply with a deal to slash production by about two million barrel per day, the largest reduction since 2020. Given that production at some of the Opec+ countries are below target levels, the actual cut would be smaller than the two million bpd reduction.

More than half of the one million bpd supply cut is expected to come from the world’s top exporter Saudi Arabia, 

A draw in US SPR  last week also supported prices. Crude inventories dropped by 1.4m barrels in the week ended Sept 30 to 429.2m barrels (EIA).

Brent trading at $93.3 and WTI at $87.6.

See OPEC production caps. Twt.


Gold has risen close to 7% after touching a low of $1615 last week. see



Popular posts from this blog

Brent Crude Logs Biggest Weekly Drop Since September on Weak Demand, Easing Tensions

Oil prices were under pressure this week. Brent crude oil futures fell 1.9% to $73 per barrel on Friday, registering the biggest weekly loss since early September, with prices dropping over 7%. The decline was attributed to weaker demand forecasts from OPEC and the International Energy Agency (IEA), slowing economic growth in China, and signs of easing geopolitical tensions in the Middle East. Both OPEC and the IEA revised down their demand forecasts for 2024 and 2025. China's refinery output declined for the sixth consecutive month, impacted by weak fuel demand and the growing adoption of electric vehicles (EVs). Meanwhile, U.S. crude oil production reached a new record last week. Although a drawdown in U.S. crude inventories and stronger-than-expected retail sales in September provided some support to oil prices, easing concerns about a broader conflict in the Middle East exerted additional downward pressure on the market.
Read more
 A Snapshot of Exchange Traded Funds at PSX
Read more

PSX Strongly Rebounds

The Pakistan Stock Exchange (PSX) reacted positively to the conclusion of the IMF staff-level agreement and has now recovered a substantial part of the losses sustained on Monday. Today, out of the 1,139-point gain in the KSE-100 Index, around 800 points were contributed by UBL, OGDC, PPL, and Meezan Bank.
Read more