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oil price

OGRA proposes reduction in petroleum price, summary awaits PM’s approval

ISLAMABAD: As the international price on petroleum products has lowered, the Oil and Gas Regulatory Authority (OGRA) has put forth a proposal to reduce prices of all the major POL products in the country. In the view of declining petroleum prices globally, the recommendation was put forward to pass on the benefit of lower prices to Pakistani consumers with relative stability in exchange rate. A summary for petroleum price revision for the month of September has been sent to the Ministry of Finance and after the Prime…

US oil boom delivers surprise for traders — and it’s costly

LONDON/NEW YORK: The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of US light crude to benchmark Brent in just a month, as surging US production upends the market. Trading desks of oil major BP and merchants Vitol, Gunvor and Trafigura have recorded losses in the tens of millions of dollars each as a result of the “whipsaw” move when the spread reached more than $11.50 a barrel in June, insiders familiar with their performance told Reuters. The sources did not…

Oil prices rise as looming Norway strike adds to disruptions

TOKYO: Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day. Brent crude added 55 cents, or 0.7 per cent, to $78.62 per barrel by 0638 GMT, following a 1.2-percent climb on Monday. US light crude futures were up 47 cents, or 0.7 per cent, at $74.32. Hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move…

Oil rises amid outages, but OPEC policy and escalating trade rows weigh

LONDON: Oil prices rose on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and intensifying trade conflicts between the United States and other major economies. Benchmark Brent crude was up 35 cents at $75.08 a barrel by 0720 GMT. US light crude was 35 cents higher at $68.43 a barrel. Brent, which tends to reflect global supply and demand, was driven up by uncertainty around oil exports by Libya, a member of the Organization of the…