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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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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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