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

E-governance
Updated 10 Jan, 2025

E-governance

Wishing for a viable e-governance system seems like a pipe dream when stable internet connectivity is not guaranteed.
Khuzdar rampage
Updated 10 Jan, 2025

Khuzdar rampage

Authorities must explain how terrorists were able to commandeer the area for eight hours.
Beyond wheelchairs
10 Jan, 2025

Beyond wheelchairs

THE KP government’s Rs370m assistance programme for persons with disabilities is a positive step, not only in ...
Taking cover
Updated 09 Jan, 2025

Taking cover

IT is unfortunate that, instead of taking ownership of important decisions, our officials usually seem keener to ...
A living hell
09 Jan, 2025

A living hell

WHAT Donald Trump does domestically when he enters the White House in just under two weeks is frankly the American...
A right denied
09 Jan, 2025

A right denied

DESPITE citizens possessing the constitutional and legal right to access it, federal ministries are failing to...