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Oil prices edge up on signs of gradually tightening market

SINGAPORE: Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States, reported Reuters. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.83 per barrel at 0340 GMT, up 17 cents, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures…

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Oil prices drop to two-week lows as oversupply concerns linger

SEOUL: Oil prices fell nearly 1% on Friday to hit two-week lows, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in US crude inventories, reported Reuters. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was…

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Washington imposes sanctions on eight Venezuelan officials, continues to spare oil industry

CARACAS/WASHINGTON: Washington imposed sanctions on eight Venezuelan officials on Wednesday for their role in creating an all-powerful legislative body loyal to President Nicolas Maduro, reported Reuters. The new US sanctions targeted politicians and security figures but stopped short of actions against Venezuela’s vital oil industry. Energy sector sanctions, which could cripple Venezuela’s already ailing economy,…

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Oil down 1% on surprise rise in US inventories, high OPEC output

SINGAPORE: Oil prices fell 1% on Wednesday, with rising US fuel inventories pulling US crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices, reported Reuters. US West Texas Intermediate (WTI) crude futures were at $48.68 per barrel at 0303 GMT, down 48 cents, or 1%, from…

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Oil markets escape Venezuela sanctions for now

NEW YORK: US oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro but experts say broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain, reported Reuters. The move came after Sunday’s vote creating a new super-legislature known as…

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Shell shutters Europe’s largest refinery after fire

The British-Dutch oil giant Shell said it was temporarily shutting down Europe’s biggest refinery after a pre-dawn fire broke out at a power station on the vast site on Sunday. Flames billowed into the sky over the port of Rotterdam after the blaze erupted at a high-voltage power station at the Shell Pernis refinery. Firefighters…

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Twin cities suffer as oil tankers owners associations stage strike

NEWS DESK: Public suffered across the country as oil tankers owners associations staged a strike. Watch this report about how the masses suffered in Rawalpindi and Islamabad:

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Oil marketing companies could be behind this strike: OGRA spokesman

ISLAMABAD: OGRA spokesman Imran Ghaznavi said on Tuesday that oil marketing companies could be behind the recent strike called by the Oil Tankers Association.  “We urge the association to call off the strike and come sit with us to improve your fleets and our regulations,” he said.

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ANALYSIS: This is what the mainstream media does not want you to know about the Venezuelan crisis

By Minerwa Tahir The US, particularly at times when a Republican is in power, has had a penchant for meddling in other countries’ affairs. The desire to meddle heightens especially in cases of countries that happen to have oil reserves (Remember Iraq and Libya?). Reuters reported on Tuesday that US President Donald Trump has warned…

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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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