Oil edges higher

Published November 1, 2023

HOUSTON: Oil prices edged higher on Tuesday as a drop in eurozone inflation buoyed hopes that the European Central Bank has almost certainly finished raising interest rates, and offset rising supply from OPEC and the United States.

Brent crude futures for December delivery, were 31 cents, or 0.4 per cent higher at $87.76 a barrel by 12:42 p.m. ET (1542 GMT) ahead of their expiry later on Tuesday.

The more heavily traded January contract rose 11 cents, or 0.1pc to $86.47.

US West Texas Intermediate crude for December delivery rose 25 cents, or 0.3pc, to $82.55, while those for January delivery rose 21 cents, or 0.3pc, to $81.89.

All contracts traded $1 higher earlier in the day, but prices remain below $90 a barrel on weak Chinese economic data and as the conflict in the Middle East remains contained for now.

“I think a lot of the war premium is coming out of the market, and investors are focused on true supply and demand,” said Dennis Kissler, senior vice president of trading at BOK Financial.

Published in Dawn, November 1st, 2023

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...