Oil prices moved higher on Wednesday after an industry report showed that US inventories of crude fell more than analysts had expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Brent crude was up 15 cents, or 0.3%, at $44.65 a barrel by 0206 GMT, after falling around 1% on Tuesday. West Texas Intermediate oil was up 9 cents, or 0.2%, at $41.70 a barrel, having dropped 0.8% in the previous session. “Oil prices are rising as the crude demand outlook improves,” said Edward Moya, senior market analyst at OANDA. The American Petroleum Institute said on Tuesday that crude stocks fell by 4 million barrels last week, more than analysts’ expectations of a 2.9 million-barrel draw. Official government data is due on Wednesday. Still, growing uncertainty over a stalemate in Washington in talks for a stimulus package to support recovery from the deepest impact of the pandemic may weigh on prices looking ahead.
When international labor community was observing International Labour Day, scores of illiterate laborers in Pakistan…
A delegation of Pakistani elite youth which recently visited Urumqi, Kashgar, and Atush said that…
A delegation comprised over 15 participants from the Economic Cooperation Organization Science Foundation (ECOSF) including…
The Committee on Science and Technology of the Organization of Islamic Cooperation (COMSTECH) has partnered…
A cross-firing between two rival groups on Model Town Link Raod claimed the life of…
A woman with the help of her lover kidnapped her own son in Narowal, police…
Leave a Comment