The start of peak summer fuel demand combined with the lack of new oil exports from the Middle East and depleting stocks could push the oil market into the “red zone” in July-August, the head of the International Energy Agency said on Thursday. “We may be entering the red zone in July or August if we don’t see that there are some improvements in the situation,” Fatih Birol said in a speech at C
The dollar held near a six-week top on Friday, after a volatile overnight session on conflicting signals over a US-Iran peace deal, though investors latched on to hopes of some progress. Washington and Tehran stuck to opposing stances over the latter’s uranium stockpile and control of the Strait of Hormuz, although US Secretary of State Marco Rubio said there had been “some good signs” in tal
Gold edged lower on Friday and was headed for its second consecutive weekly loss, pressured by a stronger dollar and higher oil prices that boosted expectations of interest rate hikes by the U.S. Federal Reserve. Spot gold was down 0.4% at $4,522.89 per ounce by 0222 GMT. The metal was down about 0.3% for the week so far. US gold futures for June delivery lost 0.4% to $4,524.40. The dol
Oil prices climbed on Friday but were on track for a weekly loss as investors doubted the prospects of a breakthrough in US-Iran peace talks. Brent crude futures rose $1.66, or 1.6%, to $104.24 a barrel by 0405 GMT, while US West Texas Intermediate futures were up $1.11, or 1.2%, at $97.46. On a weekly basis, Brent was 4.6% lower and WTI was down 7.6%, with prices fluctuating sharply as expe
The Pakistan Stock Exchange (PSX) extended its bullish momentum on Wednesday as investor sentiment improved amid easing global oil prices and optimism surrounding geopolitical developments in the Middle East, with the benchmark KSE-100 index jumping 1,934.74 points, or 1.19%, to settle at 164,831.42. The market presented a mix of volatility and caution during the session, moving between an intr