ADاشتہار / AdvertisementGoogle Ad
Oil Prices Set for Second Weekly DeclineBusiness
Brent crude held near $95 a barrel on Friday while US crude slipped, as traders weighed a continuing American blockade on Iran against a surprise build in US stockpiles.
Share:
Oil prices were mixed on Friday, 13 November, but remained on course for a second consecutive weekly decline, as the United States signalled it would keep its blockade on Iran in place, easing fears of a renewed large-scale conflict that could disrupt oil supplies from the Middle East.
Brent crude futures were little changed, down just 1 cent at $95.41 a barrel at 0242 GMT, while US West Texas Intermediate crude fell 20 cents, or 0.25 percent, to $88.52 a barrel, according to Reuters.
ADاشتہار / AdvertisementGoogle Ad
Brent was set for a 2.4 percent drop over the week, after plunging 16 percent the previous week, while WTI was heading for a 2.5 percent weekly decline after falling 13 percent last week.
Blockade set to stay, Trump signals
US President Donald Trump said on his Truth Social platform that no deal with Iran was needed to end the war, a message traders read as a signal that the blockade would continue. Friday’s declines reversed two days of gains in the oil market.
The prospect of the blockade staying in place has reduced the chance of renewed large-scale fighting that could disrupt supplies from the region. However, attacks on shipping remain a danger, keeping traders cautious about the outlook for Middle East supplies.
US stockpiles rise sharply
Fresh data from the US Energy Information Administration also weighed on prices. US crude inventories rose by 4.7 million barrels to 414.4 million barrels in the week ended 6 November, while analysts had expected a draw of 1.1 million barrels.
The bigger-than-expected build in stockpiles pointed to softer demand in the world’s largest oil consumer and added to the pressure on prices, which had already fallen steeply over the past two weeks.
What it means for Pakistan
For Pakistan, the fall in global prices could bring some relief at the pump. Petrol is currently priced at Rs332 per litre and diesel at Rs360 per litre, according to Daily Hayat’s earlier report today.
Azaad Urdu reports that the government has been cutting petrol and diesel prices in recent weeks and that further relief is possible if global prices keep falling. Any change in local fuel prices, however, will depend on the government’s next fortnightly review and on the rupee’s movement against the dollar.
Traders will now watch whether the blockade holds and whether shipping through the region stays safe, as both factors will shape where oil prices head in the coming weeks.
Tags:Brent crudeGlobal oil marketIran blockadeoil pricesPetrol prices PakistanUS crude inventoriesWTI
Related Coverage
