Business

Oil prices broadly steady amid rising US stockpiles

Published

1 year ago

Farwa

LONDON: Oil prices were broadly steady on Wednesday as market participants were pulled in different directions by an unexpected build in US crude and fuel inventories, global economic uncertainty and China reopening its economy.

Moving in and out of the negative territory, Brent crude futures were up 53 cents, or 0.7%, at $80.63 a barrel by 0921 GMT US West Texas Intermediate (WTI) crude futures rose 41 cents, or 0.6%, to $75.53 a barrel.

Both contracts rose on Monday and Tuesday, rebounding from a sharp selloff in the first week of 2023.

US crude oil stockpiles jumped by 14.9m barrels in the week ended January 6, sources said, citing data from the American Petroleum Institute (API). At the same time, distillate stocks rose by about 1.1m barrels.

Analysts polled by Reuters had expected crude stocks to fall. Traders will be looking out for inventory data from the US Energy Information Administration typically due 1530 GMT.

The oil market has been pulled lower by worries that sharply higher interest rate hikes to tame inflation would trigger a recession and curtail fuel demand. US inflation data is due on Thursday.

If inflation comes in below expectations that would drive the dollar down, analysts said. A weaker dollar can boost oil demand as it makes the commodity cheaper for buyers holding other currencies.

Prices have not jumped but gained some support from hopes for fuel demand growth in China, the world’s second-largest oil consumer after the US after it eased its COVID-19 curbs and increased crude import quotas by 20%.

“It is dawning on market players that China’s return to normality won’t be enough to propel oil back above $100/bbl on a sustained basis,” said PVM analyst Stephen Brennock.

“What is required is an improvement in global growth. Yet the outlook for the world economy is constrained by high inflation and tightening credit conditions.”

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

15 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

15 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

15 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.