Oil prices slipped on Tuesday as investors read OPEC+’s decision to pause output hikes in the first quarter as a signal of oversupply in the market. Brent crude futures fell 37 cents, or 0.6%, to $64.52 a barrel by 0700 GMT. US West Texas Intermediate crude was down 37 cents, or 0.6%, at $60.68 a barrel. On Sunday, the Organization of the Petroleum Exporting Countries and their allies, kn
Gold traded below the $4,000-per-ounce mark again on Tuesday as the dollar remained resilient at over three-month highs, while reduced chances of another U.S. interest rate cut in December and easing U.S.-China trade tensions blunted bullion’s demand. Spot gold was down 0.8% at $3,970.39 per ounce, as of 0625 GMT. U.S. gold futures for December delivery slid nearly 1% to $3,979.30 per ounce.
Oilboy Energy Limited, formerly Drekkar Kingsway Limited, has decided to redirect the funds raised through its Rs250 million right issue towards expanding its trading and logistics operations, marking a shift from its earlier plan to invest in a bio-oil project. The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. The company had raised Rs
Federal Minister for Communications Abdul Aleem Khan has invited the Kingdom of Saudi Arabia to invest in Pakistan’s major motorway and infrastructure projects, citing vast opportunities in the country’s expanding transport and logistics network. The development came during Aleem Khan’s meeting with the Minister of Transport and Logistic Services of the Kingdom of Saudi Arabia, Engineer Saleh b
Gold prices in Pakistan decreased on Tuesday in line with their loss in the international market. In the local market, gold price per tola reached Rs420,362 after a decline of Rs3,500 during the day. Similarly, 10-gram gold was sold at Rs360,392 after it registered a decrease of Rs3,001, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday,