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Oil drops on rising US crude inventories, defies expected supply cut extension

SINGAPORE: Oil prices fell 1 percent on Wednesday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts.

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Video captures brawl at fuel filling station

A brawl broke out at a petrol filling station where hundreds of panicked consumers were gathered following reports of fuel shortage due to a strike call give by oil tankers association. The fight was caught on camera.

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Trump’s defense chief, in Iraq, says: We’re not here for your oil

The US military is not in Iraq “to seize anybody’s oil”, Defense Secretary Jim Mattis said, distancing himself from remarks by President Donald Trump at the start of a visit to Iraq on Monday. Mattis, on his first trip to Iraq as Pentagon chief, is hoping to assess the war effort as US-backed Iraqi forces…

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Oil prices go up

ISLAMABAD: The federal government has announced a fresh hike in the prices of various petroleum products, the second time in a month. On January 15, the government had increased prices of petrol by Rs1.77 per litre and High Speed Diesel (HSD) by Rs2 per litre. On Tuesday, Federal Minister for Finance announced the hike in…

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Oil slides 2 percent on strong dollar, doubts of OPEC output cuts

NEW YORK: Oil prices fell 2 percent on Tuesday to the lowest in nearly a month, extending the previous session’s sell-off as the U.S. dollar strengthened and doubts mounted over whether producing countries would implement of a deal to cut output.

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Oil, ghee crisis deepens amid strike

LAHORE: The manufacturers of edible oil and ghee continued their strike across Punjab for a second day on Thursday, Samaa reported. Reports said the factory owners have stopped supply of oil and ghee to major cities, including Lahore, in protest against raids of the Punjab Food Authority. The strike may prolong as the association has…

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Oil, dollar and bond yields sharply higher after OPEC deal

TOKYO: Crude prices, the dollar and bond yields were sharply elevated early on Thursday after OPEC agreed to a deal to reduce output to clear a supply glut that has crunched oil prices and stoked global deflationary pressures.

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Massive petrol price increase on the cards

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has advised the Ministry of Petroleum to increase oil prices for the month of December, SAMAA reported on Tuesday. According to a summary sent to the ministry, OGRA has proposed that petrol price be increased by Rs4.1 per ltire. It has also advised the government to increase…

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84 oil, gas discoveries made in the last three years, Senate told

ISLAMABAD: The Senate was informed on Thursday that eighty-four oil and gas discoveries were made in the country during the last three years. Replying to a question during the Question Hour, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi informed the House that the estimated reserves of fifty discoveries have been evaluated as twenty-three…

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Most Asia markets slump, Tokyo soars on US rate talk

HONG KONG: Japanese stocks rallied on a weaker yen but other Asian markets retreated on Monday after Federal Reserve chief Janet Yellen hinted at a US interest rate hike by the end of the year. In a much-anticipated speech Friday Yellen said a pick-up in the world’s top economy and an improvement in the jobs…

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Oil prices up in Asia

SINGAPORE: Oil prices extended their rise in Asia Monday as robust economic data from the United States and China fuelled hopes of a pick-up in demand from the world’s top two economies. While a sense of calm has returned to Turkey following a failed coup attempt over the weekend, analysts said the situation remains volatile…

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Oil bounces back from lows after Brexit losses

SINGAPORE: Oil prices saw a modest rebound on bargain hunting in Asia on Monday, despite uncertainty gripping the markets following last week’s decision by Britain to leave the European Union. Global markets took a beating on Friday, with some $2.1 trillion wiped off valuations and the British pound plunging to 31-year lows against the dollar,…

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Asia stocks take breather, oil passes $50 a barrel

HONG KONG: Asia stocks took a breather Thursday after a rally during the previous session, but energy firms were mostly up after oil surged past $50 a barrel for the first time this year. Investors seemed to brush off another strong lead from Wall Street and Europe, treading softly as the Group of Seven leaders’…

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Oil nears $50

SINGAPORE: Oil prices edged towards $50 a barrel in Asia Wednesday after a larger-than-expected dip in US stockpiles resulting from wildfires that have disrupted oil production in Canada. The American Petroleum Institute on Tuesday reported that crude inventories dropped by 5.14 million barrels last week, Bloomberg News reported. Data from the Energy Information Administration due…

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Govt likely to increase oil prices in June

ISLAMABAD: Oil prices are likely to go up by Rs5.75 per litre for the coming month of June, SAMAA has learned. According to reliable sources, the federal government may approve a proposal to increase petroleum prices in line with the spike in international market. Sources add that petrol price may be increased by Rs1.25 per…

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Canadian forest fire still burning out of control

    EDMONTON: The huge forest fire that prompted the evacuation of Fort McMurray remained out of control Wednesday but cooler, more humid weather slowed its advance, Canadian officials said. All told, crews were battling 20 fires in Alberta province, although Fort McMurray’s was the only one still out of control, as it spread east….

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Oil market recovery will continue, says OPEC chief

DOHA: OPEC president Mohammed bin Saleh al-Sada said on Tuesday that the current oil market recovery would continue into the second quarter of the year as global demand increases. “As we proceed to the second quarter of the year, we see an increase in global demand for oil due to demand for oil products, particularly…

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Wildfire spared 90 percent of Fort McMurray: Alberta premier

FORT MCMURRAY: Fort McMurray is largely intact despite a week of damage from the wildfires devastating Canada’s oil sands region, Alberta’s premier said after touring the ghost town on Monday. Firefighters warned, however, that the tens of thousands of evacuated residents would not be able to return for at least two weeks. “It was a…

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Canadians drive through burning city seeking safety

FORT MCMURRAY: Canadian police led convoys of cars through the burning ghost town of Fort McMurray Friday in a risky operation to get thousands of people to safety on the other side. In the latest harrowing chapter of the drama triggered by monster forest fires in Alberta’s oil sands region, the convoys of 50 cars…

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Airlift for thousands trapped by Canada wildfires

LAC LA BICHE: Canada prepared Thursday to airlift to safety up to 25,000 people who were forced from their homes by raging forest fires in Alberta’s oil sands region, and now risk getting trapped north of Fort McMurray. The oil city of 100,000 people has been ordered evacuated after firefighters backed by air tankers and…

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Oil prices drift as US crude output falls

NEW YORK: Oil prices drifted sideways Wednesday with US futures slightly higher but London slipping amid news that US oil output fell by another 100,000 barrels a day last week. US crude and gasoline stockpiles also increased significantly — a bearish signal for the market — but US prices were supported by a major wildfire…

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