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IEA says worst may be over for oil price

PARIS: The oil price may have finally bottomed out after an unprecedented drop over the past 18 months, the International Energy Agency (IEA) said Friday, noting oil's "remarkable recovery" over recent weeks.

Water crisis in Karachi after supply suspended from Hub Dam

KARACHI: Several areas of Karachi suffered acute water shortage after water level in Hub Dam reached a ‘dead level’.

Oil prices dip after rally

LONDON: Oil prices dipped Monday as the rally sparked by prospects of a cut to the global supply glut faded.

Crude back below $30 as prices extend losses

SINGAPORE: Crude fell back below $30 a barrel in Asia Tuesday as worries about the global supply glut returned to the fore, following a two-day rebound.

Oil prices decline in Asia

SINGAPORE: Oil prices fell in Asia on Monday, giving up some of last week's sharp gains as concerns about a global supply glut weighed on prices ahead of fresh US stocks data.

Repair work on ruptured KWSB pipeline begins after 48 hours

KARACHI: Karachi Water & Sewerage Board has launched the maintenance work of the 84-inch diameter pipeline which ruptured on Saturday, ARY News reported.

Oil prices slip further in Asia on supply woes

SINGAPORE: Oil prices extended losses in Asia Monday on expectations that a global supply glut will persist until late next year, while analysts said the climate deal agreed in Paris had made little impact on the commodity.

Crude set for weekly loss as supply glut and dollar drag

LONDON: Crude oil prices were on track to post weekly losses on Friday as an oversupply of physical oil and a strong dollar bedevilled the market.

Several parts of Lahore face power outages

LAHORE: Several parts of Lahore descended into darkness due to a problem in one of its grid stations, ARY News reports.

Russia lifts ban on supplying S-300 missiles to Iran

MOSCOW: President Vladimir Putin on Monday lifted a ban on supplying Iran with sophisticated S-300 air defense missile systems, the Kremlin said, after Tehran struck a deal with the West over its nuclear programme.

Oil price recovery not backed by fundamentals: OPEC

VIENNA: A recovery in oil prices which began last month is not justified by fundamentals as there remains a supply glut in the market, oil cartel OPEC said Monday in its monthly report.

Oil prices fall on oversupply and refinery strike concerns

LONDON: Oil prices fell on Monday as worries about oversupply and a further rise in dollar exchange rates pushed Brent futures down by over a dollar to around $59 a barrel.

Oil prices rebound in Asia after heavy selloff

SINGAPORE: Oil prices rebounded in Asia on Wednesday following a sharp decline in the previous session, analysts said, as investors await a weekly US stockpiles report later in the day.

Govt refuses to supply 650 MW power to Karachi: sources

ISLAMABAD: Federal government has refused to supply 650 mega-watt of electricity to Karachi from the national grid, ARY News reports.

Oil prices mixed in Asian trade

SINGAPORE: Crude prices were mixed in Asia Friday, after the US Senate approved a bill to build an oil pipeline from Canada to refineries in the US Gulf Coast, adding to concerns over a supply glut.

Pakistan suffers from major power breakdown

QUETTA/KARACHI: The country was plunged into darkness after a key power transmission line broke down early on Sunday in an incident blamed on a rebel attack, the latest reminder of the country's crippling energy crisis.

Oil jumps as Saudi king's death feeds market uncertainty

SINGAPORE: Oil prices jumped in Asian trading on Friday as news of the death of Saudi Arabia's King Abdullah added to uncertainty in energy markets already facing some of the biggest shifts in decades.

Oil prices dip further in Asian trade

SINGAPORE: Oil prices on Tuesday slipped further toward six-year lows in Asia after major crude producers stressed they will maintain output levels despite an oversupply.

Oil price drops in first session of 2015

NEW YORK: Oil prices finished the first day of 2015 trade lower as disappointing manufacturing data from the US, China and Europe kept pressure on the beaten-down commodity.

Oil rebounds in volatile year-end trade

SINGAPORE: Oil prices edged up in Asia Friday after falling sharply in the previous session, as analysts predicted increased volatility and no end in sight this year to tumbling prices. 
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