Oil over 82 dollars after EU, IMF agree Irish bailout

New York's main contract, light sweet crude for January delivery, gained 71 cents to 82.69 dollars per barrel. — File Photo

SINGAPORE: Oil prices topped 82 dollars in Asian trade Monday as the euro’s value soared following the agreement of a massive bailout for financially strapped Ireland, analysts said.

New York’s main contract, light sweet crude for January delivery, gained 71 cents to 82.69 dollars per barrel.

Brent North Sea crude for January rose 77 cents to 85.11 dollars. Oil prices followed the euro up as the European Union (EU) and International Monetary Fund (IMF) late Sunday agreed to bail out debt-ridden Ireland to the tune of between 80 and 90 billion euros.

Oil firmer

LONDON: Oil prices crept higher on Thursday, with all eyes on US weekly jobless numbers due later for clues about the potential size and pace of the US Federal Reserve’s stimulus package expected next week.

By 0930 GMT, US crude for December gained 17 cents to $82.11 a barrel, after falling nearly 1 percent on Wednesday, while ICE Brent was 22 cents firmer at $83.45.

Investors awaited the latest weekly reading of US unemployment figures due at 1230 GMT for clues about the health of the world’s largest oil consumer, and ahead of the anticipated second monetary stimulus package (QE2).

Petroleum ministry to offer new exploration blocks in June

KARACHI: The Ministry of Petroleum will offer new blocks in June to expedite exploration of oil and gas reserves as the country fights severe energy crisis, Secretary Petroleum, Kamran Lashari, said on Thursday.

The blocks will be offered to local and international exploration production companies, just months after 40 leases were auctioned under the new petroleum policy, he said here on sidelines of Shell Eco-Marathon’s launching ceremony.

KSE continues ascent as 100-Index gains 38 points

KARACHI: Heavy buying pushed up prices of leading scrips at the Karachi Stock Exchange (KSE) Friday as the benchmark 100-Index went up by 38.74 points to close at 9,776.21.
    
The market was bullish since the morning and the index crossed the 9,800 level on heavy buying in leading scrips in the second session, said a dealer at a leading brokerage house. But profit taking trimmed morning gains at the close, he added.
    

Palm oil imports fall by 20 per cent

Saturday, January 09, 2010
ISLAMABAD: Palm oil imports into the country declined by 19.90 per cent during the first five months of current financial year as against the corresponding period of last year.

Palm oil imports during July-November (2009-10) were recorded at $470.544 million against the imports of $637.219 million during July-November (2008-09), according to provisional figures provided by Federal Bureau of Statistics.

Oil prices dip

Saturday, January 09, 2010
LONDON: Oil prices fell after news that the US economy lost more jobs than expected last month, dampening hopes of a swift recovery in the world’s number one energy consuming nation.

New York’s main futures contract, light sweet crude for February delivery, dropped 44 cents to $82.22 a barrel. The contract topped $83 on Wednesday for the first time in 14 months before closing lower on Thursday for the first time in 10 trading sessions.

Oil falls after rise in US inventories

Thursday, January 07, 2010
LONDON: Oil prices fell on Wednesday after data from the United States showed an unexpected build in crude inventories in the world’s largest energy consumer, bringing a 14-percent rally over the last nine days to a halt.

US crude for February delivery fell 61 cents to $81.16 a barrel by 1554 GMT, after rising as high as $82.47, its highest intra-day level since Oct 14, 2008. London Brent crude eased 52 cents to $80.07. US crude oil stockpiles unexpectedly rose by 1.3 million barrels last week while distillate inventories fell 300,000 barrels, against forecasts for a 1.9 million barrel decline, US Energy Information Agency data showed.

Oil stays above 81 dollars in Asian trade

SINGAPORE: Oil prices edged up in Asian trade Tuesday, supported by higher consumption of heating fuel due to a cold snap in the northern hemisphere, analysts said.

Data showing that the US manufacturing sector posted its strongest pace of activity since April 2006 also bolstered prices, with analysts saying that a firmer recovery in the world's biggest economy is good for energy demand.

Petroleum prices cut by 1.34 per cent

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) reduced on Thursday petroleum prices by 1.34 per cent to 3.5 per cent with immediate effect in line with a decline in international market.

Oil imports fall 31pc to $3.78bn in Jul-Nov

 Five months data shows total imports at $13.08bn,which is 23pc less than $17bn in last fiscal

Sunday, December 27, 2009
By Israr Khan

ISLAMABAD: Pakistan’s petroleum imports was nearly one-third ($3.78 billion) of its total imports during July-November 2009-10, however it is 31 per cent less than what was imported ($5.47 billion) during the corresponding period of the last fiscal. In volume, its imports increased but its low prices compared to previous year gave a cushion to the economy and shrank its money expenditures.

King Abdullah satisfied with oil price

Sunday, December 27, 2009
RIYADH: Saudi king Abdullah described oil prices as satisfactory in an interview published on Saturday, at a time when the largest OPEC producer is seeking price stability. “We predicted an oil price of 75 to 80 dollars per barrel at the beginning of the year, what we considered acceptable, and now it has reached this level,” the king told the Kuwaiti newspaper Al-Siyassah. “(We expect) the price will stabilise or increase marginally,” he added.

Oil price climbs above $77

Friday, December 25, 2009
LONDON: Oil prices rose on Thursday, extending a rally caused by a larger-than-expected drop in US energy stockpiles, traders said.

New York’s main futures contract, light sweet crude for delivery in February, rose 26 cents to $77.02 a barrel. Brent North Sea crude for February delivery gained 18 cents to $75.63. The Christmas Eve market surge was largely driven by a fall in energy inventories in the United States, the world’s biggest consumer, that had been far larger than expected, analysts said.

Oil prices fall as OPEC maintains output levels

Wednesday, December 23, 2009
LONDON: Oil prices fell on Tuesday as OPEC decided at a meeting against changing the cartel’s official crude output levels, in a widely-expected move.

New York’s main futures contract, light sweet crude for delivery in February, dropped 32 cents to $73.40 a barrel. Brent North Sea crude for February lost 35 cents to $72.64 in afternoon London trading. The Organisation of Petroleum Exporting Countries (OPEC) held its crude output quotas unchanged at its meeting in Angola on Tuesday, warning of lingering weakness in the world economy.

Oil transport charges up 12.5pc

By Farhan Zaheer

KARACHI: Petroleum Ministry on Monday raised petroleum transportation charges by 12.5 per cent following a strike call by oil tanker owners who were demanding 15 per cent increase in transportation charges.

Oil Tankers Association Chairman Yousuf Shahwani told The News that the federal minister has informed the tanker owners that the government has decided to allow 12.5 per cent rise in transportation charges against the 15 per cent increase demanded by the association.

OPEC should maintain output: Arab oil ministers

CAIRO: Arab oil ministers of OPEC said on Friday that the cartel should keep production unchanged when it meets later this month as crude prices are close to the target of 80 dollars a barrel.
 
‘Why should we raise output?’ the oil minister of OPEC kingpin Saudi Arabia, Ali al-Naimi, asked on arrival in the Egyptian capital for a conference of the Organisation of Arab Petroleum Exporting Countries (OPEC) from Saturday.

‘We still have time (for the meeting). But right now, the price is ok, between 70 and 80 (dollars). It’s close to the target that we set at 75 dollars a barrel,’ Naimi told reporters.