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Stock markets in Asia open in positive zone

HONG KONG: Asian markets mostly rose on Monday as buyers cautiously returned after last week’s global rout, with confidence boosted by a rally on Wall Street but analysts warning of further volatility. After a stellar 2017 and a January that saw record and multi-year highs around the world, traders are scurrying to the hills this…

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IMF chief urges Arab states to cut spending

DUBAI: IMF chief Christine Lagarde on Saturday urged Arab countries to slash public wages and subsidies in order to rein in spending, achieve sustainable growth and create jobs. Speaking at the one-day Arab Fiscal Forum in Dubai, Lagarde welcomed “promising” reforms adopted by some Arab countries, but insisted much more was needed to overcome daunting…

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US mulling sanctions on Venezuela oil: Tillerson

Buenos Aires: The United States said Sunday it has not ruled out sanctions on Venezuelan oil as it turns the screw on President Nicolas Maduro, but is wary of hurting the country’s people. Secretary of State Rex Tillerson is in Argentina as he tours Latin American to bolster a common front against Venezuela’s bid to…

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Oil rises as Saudi Arabia says producers will cooperate beyond 2018

SINGAPORE: Oil prices climbed on Monday, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies would continue beyond 2018, reported Reuters. Strong global economic growth and a drop in U.S. drilling activity also supported crude, traders said. Brent crude futures were at $68.89 a barrel at 0315…

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Imran slams ‘big’ increase in petroleum prices

ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Monday lashed out at the federal government for burdening masses with a big increase in oil prices. Khan’s Twitter statement came a day after the government increased the price of petroleum products by up to Rs6.75 per litre for the month of January. Absolutely shameful how the govt…

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US oil prices end above $60 for 1st time in 2-1/2 years

NEW YORK: US oil prices finished above $60 a barrel for the first time since June 2015 after new data suggested American producers were being cautious about ramping up output. The benchmark US contract, West Texas Intermediate for February delivery, climbed 58 cents to finish at $60.42 a barrel. Meanwhile, Brent North Sea crude for…

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US oil prices end above $60 for 1st time in 2-1/2 years

US oil prices finished above $60 a barrel for the first time since June 2015 after new data suggested American producers were being cautious about ramping up output. The benchmark US contract, West Texas Intermediate for February delivery, climbed 58 cents to finish at $60.42 a barrel. Meanwhile, Brent North Sea crude for March delivery…

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France to ban all oil and gas production from 2040

NEWS DESK: France is to ban all drilling for oil and natural gas by 2040 after its Parliament approved part of President Emmanuel Macron’s plans to cut the use of fossil fuels, reported The Independent. It will become illegal to produce or look for oil and gas in the country and its overseas territories. Existing…

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Saudi Arabia to cut oil exports to Asia in January

RIYADH: Saudi Arabia said on Monday it will trim crude exports to Asian customers in January to help accelerate the re-balancing of the international oil market. An energy ministry spokesman said state-owned Aramco will maintain “steady supplies to the United States and Europe while exports to Asia will be reduced by more than 100,000 barrels…

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Oil prices fall after U.S. drillers add rigs

TOKYO: Oil fell on Monday after U.S. shale drillers added more rigs last week, but prices held not far off their highest since mid-2015, supported by an extension of output cuts agreed last week by OPEC and other producers, reported Reuters. Drillers in the United States added two oil rigs in the week to Dec….

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Petroleum prices likely to go up by Rs.15

The Oil and Gas Regulatory Authority (OGRA) has proposed the government to increase up to Rs.15/litre on petroleum products for December 2017.

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Global stocks mostly fall as oil-linked shares retreat

NEW YORK: World stocks mostly fell Monday on weakness in petroleum-linked equities and as a strong euro weighed on European bourses. Equity markets in London, Paris, Frankfurt and Tokyo all fell, while the S&P 500 and Nasdaq retreated from records in the US. Eurozone stocks fell, as the euro, though pulling back a bit from…

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Bilawal condemns increase in PoL prices

KARACHI: Chairman Pakistan Peoples Party Bilawal Bhutto Zardari has strongly condemned increase in PoL prices and termed this as victimization of the people. “PML-N government has thrown petrol price-hike bomb at every Pakistani household and everyone is going to be adversely affected by this,” the PPP said in a statement. Bilawal Bhutto Zardari said that…

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Oil rises on tighter fundamentals, but China warning holds back market

SINGAPORE: Oil prices edged up on Friday, supported by signs of tightening supply and demand fundamentals, although a warning about excessive China economic optimism still weighed somewhat on markets, reported Reuters. Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.39 at 0420 GMT, up 16 cents, or 0.28 percent from their…

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Oil elevated as Iraq tensions escalate, Asian shares hold firm

TOKYO: Oil prices clung to this month’s high on Tuesday after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters while Asian shares held firm on optimism about upcoming earnings, reported Reuters. Short-term U.S. bond yields and interest rates jumped after a report U.S. President Donald Trump favored Stanford economist John…

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Pakistan can only prosper under democratic setup: PM

JHANDIAL: Prime Minister Shahid Khaqan Abbasi Friday said Pakistan could only progress and prosper under a democratic setup as technocrat and undemocratic forms of governance had failed to deliver in the past. Addressing a ceremony after the inauguration of the Jhandial Gas Field here near Fatehjang, he said the government would continue to pursue the…

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PM inaugurates large reservoir of oil and gas at Jhandial

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Friday inaugurated one of the largest oil and gas reserves from Jhandial well, which according to preliminary estimates indicates recoverable reserves of at least 292 billion standard cubic feet of gas and 23 million barrels of oil. Chief Minister Punjab Shahbaz Sharif, Minister for Defence Khurrum Dastgir Khan, Minister…

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Oil extends gains; Turkey threatens to cut oil flow

TOKYO: Oil prices extended gains on Tuesday, with Brent crude hitting a 26-month high, supported by Turkey’s threat to cut crude flows from Iraq’s Kurdistan region to the outside world, reported Reuters. London Brent crude for November delivery LCOc1 was up 46 cents at $59.48 a barrel by 0356 GMT after settling up 3.8 percent…

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OPEC to discuss extending cuts, quotas: UAE minister

ABU DHABI: OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday. United Arab Emirates Energy Minister Suheil al-Mazrouei said the oil market had rebalanced after OPEC and non-OPEC producers agreed to cut output in…

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Crude dips, gasoline spikes as floods knock out one-fifth of U.S. refineries

SINGAPORE: Oil prices slid on Wednesday but gasoline spiked to their highest since July 2015 as flooding and storm damage in the wake of Hurricane Harvey has shut one-fifth of U.S. oil refineries, crimping demand for crude but raising fears of a fuel shortage, reported Reuters. U.S. West Texas Intermediate (WTI) crude futures CLc1 were…

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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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