AGL73.59▲ 6.69 (0.10%)AIRLINK179.61▼ -2.53 (-0.01%)BOP11.52▼ -0.11 (-0.01%)CNERGY7.98▼ -0.23 (-0.03%)DCL9.02▼ -0.24 (-0.03%)DFML46.03▼ -0.03 (0.00%)DGKC132.62▼ -0.56 (0.00%)FCCL46.62▼ -0.55 (-0.01%)FFL16.61▲ 0.44 (0.03%)HUBC141.07▼ -2.15 (-0.02%)HUMNL13.15▼ -0.26 (-0.02%)KEL4.51▼ -0.11 (-0.02%)KOSM6.25▲ 0.09 (0.01%)MLCF59.4▲ 0.15 (0.00%)NBP77.07▼ -1.29 (-0.02%)OGDC227.35▲ 0.54 (0.00%)PAEL48.18▼ -0.05 (0.00%)PIBTL10.47▼ -0.25 (-0.02%)PPL191.38▼ -0.89 (0.00%)PRL38.14▼ -0.99 (-0.03%)PTC24.31▲ 0.06 (0.00%)SEARL99.96▼ -2 (-0.02%)TELE8.01▼ -0.09 (-0.01%)TOMCL35.34▲ 0.58 (0.02%)TPLP11.1▲ 0.14 (0.01%)TREET23.4▲ 0.28 (0.01%)TRG68.21▼ -0.32 (0.00%)UNITY29▼ -0.56 (-0.02%)WTL1.4▼ -0.02 (-0.01%)

Oil prices fall again after bouncing in previous session

Oil prices increase
Share
Tweet
WhatsApp
Share on Linkedin
[tta_listen_btn]

Oil prices in the international market fell slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment.

At around 05:30 GMT, the Brent crude futures fell by 52 cents, or 0.58%, to $88.80 per barrel, while the WTI crude futures dropped by 49 cents, or 0.60%, to reach $81.66 per barrel.

Both benchmarks had rebounded in the prior two sessions after reaching nine-month lows this week after a temporary dive in the dollar index and a larger-than-expected drawdown of the fuel inventory raised hopes of a consumer demand recovery.

How Oil Prices Could Hit $65

However, the dollar index trended upward again on Thursday, dampening investor risk appetite and stoking fears of a global recession.

In China, the world’s biggest crude oil importer, travel during the week-long national holiday is set to hit the lowest level in years as Beijing’s persistent zero-COVID rules prompt people to stay at home and economic woes dampen spending.

On the other side of the world, the European Union proposed a new round of sanctions against Russia over its invasion of Ukraine, including tighter trade restrictions, more individual blacklistings and an oil price cap for third countries. – Agencies

Related Posts

Get Alerts