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Oil prices broadly steady amid rising US stockpiles

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LONDON: Oil prices were broadly steady on Wednesday as market participants were pulled in different directions by an unexpected build in US crude and fuel inventories, global economic uncertainty and China reopening its economy.

Moving in and out of the negative territory, Brent crude futures were up 53 cents, or 0.7%, at $80.63 a barrel by 0921 GMT US West Texas Intermediate (WTI) crude futures rose 41 cents, or 0.6%, to $75.53 a barrel.

Both contracts rose on Monday and Tuesday, rebounding from a sharp selloff in the first week of 2023.

US crude oil stockpiles jumped by 14.9m barrels in the week ended January 6, sources said, citing data from the American Petroleum Institute (API). At the same time, distillate stocks rose by about 1.1m barrels.

Analysts polled by Reuters had expected crude stocks to fall. Traders will be looking out for inventory data from the US Energy Information Administration typically due 1530 GMT.

The oil market has been pulled lower by worries that sharply higher interest rate hikes to tame inflation would trigger a recession and curtail fuel demand. US inflation data is due on Thursday.

If inflation comes in below expectations that would drive the dollar down, analysts said. A weaker dollar can boost oil demand as it makes the commodity cheaper for buyers holding other currencies.

Prices have not jumped but gained some support from hopes for fuel demand growth in China, the world’s second-largest oil consumer after the US after it eased its COVID-19 curbs and increased crude import quotas by 20%.

“It is dawning on market players that China’s return to normality won’t be enough to propel oil back above $100/bbl on a sustained basis,” said PVM analyst Stephen Brennock.

“What is required is an improvement in global growth. Yet the outlook for the world economy is constrained by high inflation and tightening credit conditions.”

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Pakistan’s gold prices are declining.

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Ten grams of 24 carat gold also had a price decrease of Rs. 1,115, from Rs. 239,026 to Rs. 237,911, while ten kilos of 22 carat gold saw a rise in price from Rs. 219,107 to Rs. 218.085.

The cost of ten grams of silver and one tola of silver stayed at Rs. 2,829.21 and Rs. 3,300, respectively.

As stated by the Association, the price of gold fell $13 to $2,670 on the global market.

On Monday, November 11, 24-karat gold prices fell to 3,771 Saudi Riyals (SAR) per tola in Saudi Arabia.

The price of 24-kar gold is SAR 10,067 per ounce, while 10 grams of the metal are being sold for SAR 3,237 in the kingdom, according to forex.pk.

Note: Since the prices were updated at 10:15 am on November 11, 2024, there may be some discrepancies in this post due to the dynamic nature of the gold market globally, especially in Saudi Arabia.

As the markets anticipate the Federal Reserve to take a cautious stance under U.S. President-elect Donald Trump’s administration, gold prices fell for a second session on Monday due to a stronger dollar and heightened risk appetite.

As of 09:27 GMT, spot gold was down 0.6% to $2,666.48 an ounce. The price of US gold futures dropped 0.8% to $2,673.20.

“A stronger U.S. dollar, rising Treasury yields, and increased risk appetite in financial markets are the main reasons why gold prices have declined — a trend that has gained momentum since Donald Trump’s victory in last week’s presidential election,” said Ricardo Evangelista, senior analyst at ActivTrades.

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Prices for cooking oil and ghee have increased in Pakistan.

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Details show that although the price of ghee increased to Rs 550, the price of cooking oil increased by Rs 30 to Rs 560.

The market vendors said that the cost of Karachi-branded ghee had increased by an astounding Rs 120 over the past month, to Rs 500.

The Sensitive Price Indicator (SPI), which measures weekly inflation, increased by 0.28 percent for all consumer categories during the week ending October 17, according to a report released by the Pakistan Bureau of Statistics (PBS) on October 18.

In the aforementioned group, the SPI for the week under review was 319.79 points, compared to 318.91 points the previous week, according to the PBS statistics.

In the week under examination, the SPI for the combined consumption group increased by 15.02 percent compared to the same week last year.

51 important goods for all expenditure groups and 17 urban centers are covered by the weekly SPI with base year 2015–16 = 100.

Additionally, the SPI for the lowest consumption category, which is up to Rs 17,732, increased by 0.27 percent from 312.91 points last week to 313.74 points.

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The KSE-100 Index surpassed 94,000 points, while the PSX touched a record high.

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Monday saw record highs for the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index broke above the 94,000 point mark in the face of robust positive tendencies.

Beginning the week on a strong note, the stock market reached a series of record highs during the trading session.

After rising 408 points to 93,700, the KSE-100 Index continued to rise 551 points, reaching 93,845. Just a short while after that, the index jumped another 728 points, breaking all previous PSX records and reaching 94,020 points.

Since the beginning of the trading week, Pakistan’s market has demonstrated sustained rise, reflecting restored investor confidence. This surge is a reflection of that. Market optimism, improved economic data, and heightened interest from both domestic and international investors are all elements that analysts say are driving the upbeat attitude.

On Friday, the KSE-100 index soared 480 points, reaching a record high of 93,001 points, marking the first occasion in PSX history that the index had pushed above the 93,000-point milestone.

According to economists, the market is booming because investors are looking forward to Pakistan’s higher economic grade and reforms. An early 250-point increase propelled the 100 index to 92,770 points, the session high before the day’s top. The prior day’s market close was at 92,520 points.

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