Tag: oil prices

Furnace Oil Levies to Slash Local Demand, Boost Exports: Analysts

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oil

KARACHI: The government’s decision to impose petroleum and carbon levies on furnace oil (FO) from July 1 is likely to reduce domestic consumption and push refiners toward exports, according to market analysts. For the first time, a combined levy of Rs79.5 per litre—comprising Rs77 in Petroleum Levy (PL) and Rs2.5 in Carbon Levy (CL)—will be imposed on FO. The move is aimed at discouraging fossil fuel use and generating revenue for green energy initiatives, with the government expecting to collect Rs75 billion in the upcoming fiscal year. Analysts predict the…

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Oil jumps over 7% after Israel strikes Iran

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Oil falls

HOUSTON: Oil prices jumped over 7% on Friday to multi-month highs after Israel launched air strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.94, or 7.12%, to $74.30 a barrel at 1442 GMT, after hitting an intraday high of $78.50, the strongest level since January 27. U.S. West Texas Intermediate crude was up $4.72, or 6.94%, at $72.75, touching its highest since January 21 at $77.62 earlier in the session. Friday’s gains were the largest intraday…

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Oil up on hopes of positive US-China trade talks

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Oil falls

NEW YORK: Oil prices edged up 1% to a seven-week high on Tuesday on hopes trade talks between the US and China – the world’s two biggest economies – will result in a deal that could support global economic growth and boost oil demand. Brent crude futures rose 81 cents, or 1.2%, to $67.85 a barrel by 11:22 a.m. EDT (1522 GMT), while US West Texas Intermediate crude rose 83 cents, or 1.3%, to $66.12. Those gains pushed both crude benchmarks into technically overbought territory for the first time since…

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Oil prices headed for rebound this week as US-China trade talks resume

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Oil prices

LONDON: Oil prices steadied on Friday and were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies. Brent crude futures fell 9 cents, or 0.1%, to $65.25 a barrel by 1210 GMT. U.S. West Texas Intermediate crude lost 12 cents, or 0.2%, to $63.25. On a weekly basis, both benchmarks were on track to settle higher after declining for two straight weeks. Brent…

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Russian Urals oil to India sells at narrowest discounts since 2022, traders say

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opec

MOSCOW/NEW DELHI: Discounts for Russian flagship Urals crude oil for delivery to Indian ports in July hit their narrowest levels since 2022 as spot supplies have tightened, four traders involved in the market said on Friday. Narrowing discounts and tight spot supplies are nudging Indian refiners to scout for alternatives through buying tenders. Spot discounts for Urals crude narrowed to $2.25 per barrel on average for cargoes arriving in India in July, from $2.70 to $3.10 per barrel to dated Brent on delivery ex-ship (DES) basis in the previous month,…

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