Oil slumps 6% to four-week low on recession worries, strong dollar

Rajarawal111

Prime Minister (20k+ posts)
عمرانیو میرا خیال ہے پکا رونے کا بندوبست کر لو -- عالمی منڈی میں تیل سستا ہونا شروع ہو گیا ہے

arifkarim Dr Adam, sensible Terminator; Wake up Pak Citizen X Will_Bite atensari Awami Awaz Bubber Shair Siberite


NEW YORK, June 17 (Reuters) - Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.

Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.
That was the lowest close for Brent since May 20 and the lowest for WTI since May 12. It was also the biggest daily percentage decline for Brent since early May and the biggest for WTI since late March.

For the week, Brent futures declined for the first time in five weeks, while WTI dropped for the first time in eight weeks.

There will be no U.S. trading on Monday, the Juneteenth holiday.

"Crude prices tumbled as the dollar rallied, Russia signaled oil exports should increase, and as global recession fears grow," said Edward Moya, senior market analyst at data and analytics firm OANDA.
Global central bankers who quickly loosened monetary policy during the pandemic to avoid a recession, are now tightening to fight inflation. read more

The Federal Reserve this week hiked U.S. rates by the most in more than a quarter of a century. read more

"With the central banks making pretty substantial moves to limit growth via interest rate hikes and monetary tightening is showing up here in the petroleum complex," said John Kilduff, partner at Again Capital LLC in New York, noting that slower economic growth should cut energy demand.
With the Fed expected to keep raising interest rates, open interest in WTI futures on the New York Mercantile Exchange fell on Thursday to its lowest level since May 2016 as investors cut back on risky assets. read more

U.S. gasoline and diesel futures also slid over 4% on worries high pump prices will reduce demand.

Automobile group AAA said the price of diesel at the pump hit a record high $5.798 per gallon on Friday, while the price of gasoline hit a record high of $5.016 earlier in the week.

U.S. energy firms this week added just four oil rigs as President Joe Biden slammed producers for profiting from sky-high prices instead of doing more to boost output. read more

Even as his administration wants Saudi Arabia to produce more oil, Biden said he was not going to have a bilateral meeting with Saudi Arabia's de facto leader Mohammed bin Salman during his trip to the region next month, and that he was only seeing the Saudi crown prince as part of a broader "international meeting." read more

Russia, meanwhile, expects its oil exports to increase in 2022 despite Western sanctions and a European embargo, the Russian deputy energy minister said on Friday, according to Tass news agency.

The market's turbulence has certainly increased since Russia invaded Ukraine on Feb. 24.

Russian gas flows to Europe fell short of demand on Friday as an early heat wave in the south boosted demand for air conditioning. read more

The European Union's executive body recommended that Ukraine and Moldova become candidates for membership in the world's largest trading bloc. read more

An oil tanker chartered by Italy's Eni SpA (ENI.MI) will soon depart Venezuela with first cargo in two years to Europe. read more

 
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Rajarawal111

Prime Minister (20k+ posts)
ماں دھرتی کے دیوالیہ ہونے اور تباھی کی خواہشوں پر تمہاری زبانیں باہر لٹکی کی لٹکی رہ جایں گیں - اللہ کی نصرت قریب ہے

E1USUeLWQAAtV0W.jpg
 

Wake up Pak

Prime Minister (20k+ posts)
عمرانیو میرا خیال ہے پکا رونے کا بندوبست کر لو -- عالمی منڈی میں تیل سستا ہونا شروع ہو گیا ہے

arifkarim Dr Adam, sensible Terminator; Wake up Pak Citizen X Will_Bite atensari Awami Awaz Bubber Shair Siberite


NEW YORK, June 17 (Reuters) - Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.

Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.
That was the lowest close for Brent since May 20 and the lowest for WTI since May 12. It was also the biggest daily percentage decline for Brent since early May and the biggest for WTI since late March.

For the week, Brent futures declined for the first time in five weeks, while WTI dropped for the first time in eight weeks.

There will be no U.S. trading on Monday, the Juneteenth holiday.

"Crude prices tumbled as the dollar rallied, Russia signaled oil exports should increase, and as global recession fears grow," said Edward Moya, senior market analyst at data and analytics firm OANDA.
Global central bankers who quickly loosened monetary policy during the pandemic to avoid a recession, are now tightening to fight inflation. read more

The Federal Reserve this week hiked U.S. rates by the most in more than a quarter of a century. read more

"With the central banks making pretty substantial moves to limit growth via interest rate hikes and monetary tightening is showing up here in the petroleum complex," said John Kilduff, partner at Again Capital LLC in New York, noting that slower economic growth should cut energy demand.
With the Fed expected to keep raising interest rates, open interest in WTI futures on the New York Mercantile Exchange fell on Thursday to its lowest level since May 2016 as investors cut back on risky assets. read more

U.S. gasoline and diesel futures also slid over 4% on worries high pump prices will reduce demand.

Automobile group AAA said the price of diesel at the pump hit a record high $5.798 per gallon on Friday, while the price of gasoline hit a record high of $5.016 earlier in the week.

U.S. energy firms this week added just four oil rigs as President Joe Biden slammed producers for profiting from sky-high prices instead of doing more to boost output. read more

Even as his administration wants Saudi Arabia to produce more oil, Biden said he was not going to have a bilateral meeting with Saudi Arabia's de facto leader Mohammed bin Salman during his trip to the region next month, and that he was only seeing the Saudi crown prince as part of a broader "international meeting." read more

Russia, meanwhile, expects its oil exports to increase in 2022 despite Western sanctions and a European embargo, the Russian deputy energy minister said on Friday, according to Tass news agency.

The market's turbulence has certainly increased since Russia invaded Ukraine on Feb. 24.

Russian gas flows to Europe fell short of demand on Friday as an early heat wave in the south boosted demand for air conditioning. read more

The European Union's executive body recommended that Ukraine and Moldova become candidates for membership in the world's largest trading bloc. read more

An oil tanker chartered by Italy's Eni SpA (ENI.MI) will soon depart Venezuela with first cargo in two years to Europe. read more

dallay haram zaday kanjare azam say kaho ab tu petrol sasta kar day
 

surfer

Chief Minister (5k+ posts)
عمرانیو میرا خیال ہے پکا رونے کا بندوبست کر لو -- عالمی منڈی میں تیل سستا ہونا شروع ہو گیا ہے

arifkarim Dr Adam, sensible Terminator; Wake up Pak Citizen X Will_Bite atensari Awami Awaz Bubber Shair Siberite


NEW YORK, June 17 (Reuters) - Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.

Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.
That was the lowest close for Brent since May 20 and the lowest for WTI since May 12. It was also the biggest daily percentage decline for Brent since early May and the biggest for WTI since late March.

For the week, Brent futures declined for the first time in five weeks, while WTI dropped for the first time in eight weeks.

There will be no U.S. trading on Monday, the Juneteenth holiday.

"Crude prices tumbled as the dollar rallied, Russia signaled oil exports should increase, and as global recession fears grow," said Edward Moya, senior market analyst at data and analytics firm OANDA.
Global central bankers who quickly loosened monetary policy during the pandemic to avoid a recession, are now tightening to fight inflation. read more

The Federal Reserve this week hiked U.S. rates by the most in more than a quarter of a century. read more

"With the central banks making pretty substantial moves to limit growth via interest rate hikes and monetary tightening is showing up here in the petroleum complex," said John Kilduff, partner at Again Capital LLC in New York, noting that slower economic growth should cut energy demand.
With the Fed expected to keep raising interest rates, open interest in WTI futures on the New York Mercantile Exchange fell on Thursday to its lowest level since May 2016 as investors cut back on risky assets. read more

U.S. gasoline and diesel futures also slid over 4% on worries high pump prices will reduce demand.

Automobile group AAA said the price of diesel at the pump hit a record high $5.798 per gallon on Friday, while the price of gasoline hit a record high of $5.016 earlier in the week.

U.S. energy firms this week added just four oil rigs as President Joe Biden slammed producers for profiting from sky-high prices instead of doing more to boost output. read more

Even as his administration wants Saudi Arabia to produce more oil, Biden said he was not going to have a bilateral meeting with Saudi Arabia's de facto leader Mohammed bin Salman during his trip to the region next month, and that he was only seeing the Saudi crown prince as part of a broader "international meeting." read more

Russia, meanwhile, expects its oil exports to increase in 2022 despite Western sanctions and a European embargo, the Russian deputy energy minister said on Friday, according to Tass news agency.

The market's turbulence has certainly increased since Russia invaded Ukraine on Feb. 24.

Russian gas flows to Europe fell short of demand on Friday as an early heat wave in the south boosted demand for air conditioning. read more

The European Union's executive body recommended that Ukraine and Moldova become candidates for membership in the world's largest trading bloc. read more

An oil tanker chartered by Italy's Eni SpA (ENI.MI) will soon depart Venezuela with first cargo in two years to Europe. read more

Great, please don’t forget to tell us when PMLN best and most experienced team reduce petrol prices in Pakistan 🙂👍🏽
 

Rajarawal111

Prime Minister (20k+ posts)
Great, please don’t forget to tell us when PMLN best and most experienced team reduce petrol prices in Pakistan 🙂👍🏽
dallay haram zaday kanjare azam say kaho ab tu petrol sasta kar day
Their ultimate Goal is to Politically Kill IK after getting the stabilization in the economy. What do you think they will not do that ??
But if you insist I will keep telling you as it comes down.
 

surfer

Chief Minister (5k+ posts)
Their ultimate Goal is to Politically Kill IK after getting the stabilization in the economy. What do you think they will not do that ??
But if you insist I will keep telling you as it comes down.
Yes please keep us updated. Don’t forget also that you still have to tell us when your brave lion finds his courage and decides to come back to Pakistan

Remember, he was going to fix everything? 🙂

 

vicahmed99

Chief Minister (5k+ posts)
Oooh BSDK waley chacha……es sey imran ka kiya lena dena hey……dekhtey hein timharey chotiya leaders awam ko kitna faida dengey


عمرانیو میرا خیال ہے پکا رونے کا بندوبست کر لو -- عالمی منڈی میں تیل سستا ہونا شروع ہو گیا ہے

arifkarim Dr Adam, sensible Terminator; Wake up Pak Citizen X Will_Bite atensari Awami Awaz Bubber Shair Siberite


NEW YORK, June 17 (Reuters) - Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.

Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.
That was the lowest close for Brent since May 20 and the lowest for WTI since May 12. It was also the biggest daily percentage decline for Brent since early May and the biggest for WTI since late March.

For the week, Brent futures declined for the first time in five weeks, while WTI dropped for the first time in eight weeks.

There will be no U.S. trading on Monday, the Juneteenth holiday.

"Crude prices tumbled as the dollar rallied, Russia signaled oil exports should increase, and as global recession fears grow," said Edward Moya, senior market analyst at data and analytics firm OANDA.
Global central bankers who quickly loosened monetary policy during the pandemic to avoid a recession, are now tightening to fight inflation. read more

The Federal Reserve this week hiked U.S. rates by the most in more than a quarter of a century. read more

"With the central banks making pretty substantial moves to limit growth via interest rate hikes and monetary tightening is showing up here in the petroleum complex," said John Kilduff, partner at Again Capital LLC in New York, noting that slower economic growth should cut energy demand.
With the Fed expected to keep raising interest rates, open interest in WTI futures on the New York Mercantile Exchange fell on Thursday to its lowest level since May 2016 as investors cut back on risky assets. read more

U.S. gasoline and diesel futures also slid over 4% on worries high pump prices will reduce demand.

Automobile group AAA said the price of diesel at the pump hit a record high $5.798 per gallon on Friday, while the price of gasoline hit a record high of $5.016 earlier in the week.

U.S. energy firms this week added just four oil rigs as President Joe Biden slammed producers for profiting from sky-high prices instead of doing more to boost output. read more

Even as his administration wants Saudi Arabia to produce more oil, Biden said he was not going to have a bilateral meeting with Saudi Arabia's de facto leader Mohammed bin Salman during his trip to the region next month, and that he was only seeing the Saudi crown prince as part of a broader "international meeting." read more

Russia, meanwhile, expects its oil exports to increase in 2022 despite Western sanctions and a European embargo, the Russian deputy energy minister said on Friday, according to Tass news agency.

The market's turbulence has certainly increased since Russia invaded Ukraine on Feb. 24.

Russian gas flows to Europe fell short of demand on Friday as an early heat wave in the south boosted demand for air conditioning. read more

The European Union's executive body recommended that Ukraine and Moldova become candidates for membership in the world's largest trading bloc. read more

An oil tanker chartered by Italy's Eni SpA (ENI.MI) will soon depart Venezuela with first cargo in two years to Europe. read more

 

surfer

Chief Minister (5k+ posts)
ماں دھرتی کے دیوالیہ ہونے اور تباھی کی خواہشوں پر تمہاری زبانیں باہر لٹکی کی لٹکی رہ جایں گیں - اللہ کی نصرت قریب ہے

E1USUeLWQAAtV0W.jpg
Just out of curiosity, if oil prices go up next week or next month, will it mean that Allah is not willing to help us?

Apologies if I am sounding a bit harsh, but I don’t think we should bring religion into it like this.
 

Citizen X

President (40k+ posts)
عمرانیو میرا خیال ہے پکا رونے کا بندوبست کر لو -- عالمی منڈی میں تیل سستا ہونا شروع ہو گیا ہے

arifkarim Dr Adam, sensible Terminator; Wake up Pak Citizen X Will_Bite atensari Awami Awaz Bubber Shair Siberite


NEW YORK, June 17 (Reuters) - Oil prices tumbled about 6% to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.

Also pressuring prices, the U.S. dollar this week rose to its highest level since December 2002 against a basket of currencies, making oil more expensive for buyers using other currencies.

Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $8.03, or 6.8%, to settle at $109.56.
That was the lowest close for Brent since May 20 and the lowest for WTI since May 12. It was also the biggest daily percentage decline for Brent since early May and the biggest for WTI since late March.

For the week, Brent futures declined for the first time in five weeks, while WTI dropped for the first time in eight weeks.

There will be no U.S. trading on Monday, the Juneteenth holiday.

"Crude prices tumbled as the dollar rallied, Russia signaled oil exports should increase, and as global recession fears grow," said Edward Moya, senior market analyst at data and analytics firm OANDA.
Global central bankers who quickly loosened monetary policy during the pandemic to avoid a recession, are now tightening to fight inflation. read more

The Federal Reserve this week hiked U.S. rates by the most in more than a quarter of a century. read more

"With the central banks making pretty substantial moves to limit growth via interest rate hikes and monetary tightening is showing up here in the petroleum complex," said John Kilduff, partner at Again Capital LLC in New York, noting that slower economic growth should cut energy demand.
With the Fed expected to keep raising interest rates, open interest in WTI futures on the New York Mercantile Exchange fell on Thursday to its lowest level since May 2016 as investors cut back on risky assets. read more

U.S. gasoline and diesel futures also slid over 4% on worries high pump prices will reduce demand.

Automobile group AAA said the price of diesel at the pump hit a record high $5.798 per gallon on Friday, while the price of gasoline hit a record high of $5.016 earlier in the week.

U.S. energy firms this week added just four oil rigs as President Joe Biden slammed producers for profiting from sky-high prices instead of doing more to boost output. read more

Even as his administration wants Saudi Arabia to produce more oil, Biden said he was not going to have a bilateral meeting with Saudi Arabia's de facto leader Mohammed bin Salman during his trip to the region next month, and that he was only seeing the Saudi crown prince as part of a broader "international meeting." read more

Russia, meanwhile, expects its oil exports to increase in 2022 despite Western sanctions and a European embargo, the Russian deputy energy minister said on Friday, according to Tass news agency.

The market's turbulence has certainly increased since Russia invaded Ukraine on Feb. 24.

Russian gas flows to Europe fell short of demand on Friday as an early heat wave in the south boosted demand for air conditioning. read more

The European Union's executive body recommended that Ukraine and Moldova become candidates for membership in the world's largest trading bloc. read more

An oil tanker chartered by Italy's Eni SpA (ENI.MI) will soon depart Venezuela with first cargo in two years to Europe. read more

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Rajarawal111

Prime Minister (20k+ posts)
Just out of curiosity, if oil prices go up next week or next month, will it mean that Allah is not willing to help us?

Apologies if I am sounding a bit harsh, but I don’t think we should bring religion into it like this.
No You don't have to apologize. But being a momin you have to say shukar on every neemat that comes to you from Allah. Should not you ??
 

Arshak

Minister (2k+ posts)
ماں دھرتی کے دیوالیہ ہونے اور تباھی کی خواہشوں پر تمہاری زبانیں باہر لٹکی کی لٹکی رہ جایں گیں - اللہ کی نصرت قریب ہے

E1USUeLWQAAtV0W.jpg
Why don’t you tell imported beggars to not go to IMF.The oil price has dropped so Pakistan’s exports are going to triple.The economy will boom.Pakistan will become an economic giant so no need to go to IMF or increase petrol and diesel prices.
 

Citizen X

President (40k+ posts)
ماں دھرتی کے دیوالیہ ہونے اور تباھی کی خواہشوں پر تمہاری زبانیں باہر لٹکی کی لٹکی رہ جایں گیں
O chal oye ghaddar ph#ddi deya kitni baar kaha hai yeh maa dharti ke jhootay bhanshan mut diya ker. Tum jaisay ghaddar haramiyo ko zaib nahi deta,

Aur tu jo chootiya abhi se bandar dance ker raha hai jaisay petrol 50 rps liter hogay hai.

Petrol tera abba abhi aur mengha kare ga. Dollar ki roz tum log jo phen jyeh rahe ho uska kya. Petrol dollar se milta L leni diya hidwaneya de naal nahi. Aur abhi to petrol pe levy bhi laga ni hai

Sasta fuel bhi hum ko phele se mengha hi millay ga. Aur sasta bhi kitna huwa hai 7% jub ke Pakistan mein double se bhi ziyada ho gaya, agar mojza ho bhi gaya to 7% se L farak parta hai?

Awein khoti da puttar nachna shuru ker deta hai, hua abhi L bhi nahi hai
 

Rajarawal111

Prime Minister (20k+ posts)
O chal oye ghaddar ph#ddi deya kitni baar kaha hai yeh maa dharti ke jhootay bhanshan mut diya ker. Tum jaisay ghaddar haramiyo ko zaib nahi deta,

Aur tu jo chootiya abhi se bandar dance ker raha hai jaisay petrol 50 rps liter hogay hai.

Petrol tera abba abhi aur mengha kare ga. Dollar ki roz tum log jo phen jyeh rahe ho uska kya. Petrol dollar se milta L leni diya hidwaneya de naal nahi. Aur abhi to petrol pe levy bhi laga ni hai

Sasta fuel bhi hum ko phele se mengha hi millay ga. Aur sasta bhi kitna huwa hai 7% jub ke Pakistan mein double se bhi ziyada ho gaya, agar mojza ho bhi gaya to 7% se L farak parta hai?

Awein khoti da puttar nachna shuru ker deta hai, hua abhi L bhi nahi hai
تو اپنی تپسیا میں ان اشلوقوں کو بھی شامل کر لے ہندو - حیقت میں نونیوں نے بھی آگے الیکشن میں جانا ہے - پہلے یہ عمران خان کو نچھایں گے
خوب کتھک ڈانس کروا کے تھکایں گے پھر موبل آئل سے اس کی پنیوں کی مالش کریں گے
 
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