Oil prices dropped on Friday morning after the US issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea, easing supply concerns. Brent futures dropped 71 cents, or 0.71%, to $99.75 a barrel by 0123 GMT, and US West Texas Intermediate (WTI) crude was down 88 cents, or 0.92%, to $94.85. The license was issued in what Treasury Secretary Scott
Gold prices rose on Friday, supported by a weaker dollar and softer US Treasury yields, but were on track for a second consecutive weekly drop as rising energy prices dimmed prospects for near-term US interest rate cuts. Spot gold was up 0.8% at $5,118.75 per ounce, as of 0234 GMT. US gold futures for April delivery was unchanged at $5,123.30. “The dollar has eased from its highs which has o
Selling pressure was observed at the Pakistan Stock Exchange (PSX) as geopolitical situation in the region remains tense, with the benchmark KSE-100 Index shedding over 1,000 points during the opening minutes of trading on Thursday. At 9:25am, the benchmark index was hovering at 154,812.88, down by 1,045.59 points or 0.67%. Selling was observed in key sectors, including automobile assemblers
Pakistan and the International Monetary Fund (IMF) have made “considerable progress” in discussions on the third review of the country’s Extended Fund Facility (EFF) programme, IMF mission chief Iva Petrova said on Wednesday, adding that talks will continue in the coming days to further assess the impact of recent global developments on the economy. In a statement, she said that the IMF mission
Shares fell in Asia on Thursday as oil prices jumped on reports that more ships had been struck in the Strait of Hormuz and in Iraqi waters, fuelling inflation and pushing borrowing costs higher worldwide. US crude rose 7.5% to $93.80 a barrel, extending a rise of more than 4% overnight. Brent crude futures jumped 7.7% to $99.03 a barrel. That was despite plans from the International Energ