HOUSTON/WASHINGTON: Caracas and Washington have reached a deal to export up to $2 billion worth of Venezuelan crude to the United States, US President Donald Trump said on Tuesday, a flagship negotiation that would divert supplies from China while helping Venezuela avoid deeper oil production cuts. The agreement is a strong sign that the Venezuelan government is responding to Trump’s demand hat
Oil prices declined on Wednesday after US President Donald Trump said Venezuela will be “turning over” 30 million to 50 million barrels of sanctioned oil to the United States. US West Texas Intermediate crude (WTI) fell 78 cents, or 1.37%, to $56.35 a barrel by 0200 GMT, while Brent crude futures fell 61 cents, or 1%, to $60.09 a barrel. Both benchmark prices fell more than $1 in the previou
The Pakistani rupee strengthened against the US dollar, appreciating 0.09% during the opening minutes of trading in the inter-bank market on Wednesday. At 10am, the local currency was hovering at 279.82, a gain of Re0.25 against the greenback. On Tuesday, the local unit closed at 280.07. Globally, the US dollar hugged tight ranges on Wednesday ahead of a slew of US economic data that could s
Buying rally continued unabated at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 1,400 points during the opening minutes of trading on Tuesday. At 9:35am, the benchmark index was hovering at 183,784.42, an increase of 1,376.19 points or 0.75%. Buying interest was observed in key sectors, including automobile assemblers, cement, commercial banks, fertilise
Gold prices recorded a sharp increase on Monday, rising in both international and domestic markets following a strong jump in global rates. In the international bullion market, the price of gold rose by $92 per ounce to reach $4,424 per ounce. The surge was reflected in local bullion markets, where the price of 24-carat gold increased by Rs9,200 per tola, taking the rate to Rs464,762. The pr