Oil prices rose slightly on Friday after the US put greater economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in northwest Nigeria at the request of the government in Abuja. Brent crude futures rose 6 cents, or 0.1%, to $62.30 per barrel at 0456 GMT. US West Texas Intermediate (WTI) crude was also up 6 cents at $58.41. Both Venezuela
The Pakistani rupee strengthened against the US dollar, appreciating 0.06% during the opening minutes of trading in the inter-bank market on Friday. At 10am, the local currency was hovering at 280.03, a gain of Re0.17 against the greenback. On Wednesday, the local unit closed at 280.20. Globally, as the new year approaches, investors are focused on when the US Federal Reserve might furthe
Positive momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 300 points during the opening hours of trading on Wednesday. At 10:45am, the benchmark index was hovering at 171,410.93, an increase of 337.20 points or 0.20%. Buying interest was seen in key sectors, including commercial banks, fertiliser, oil and gas exploration companies, OMC
Pakistan Petroleum Limited (PPL) has made a groundbreaking discovery at its LAL X-1 exploratory well in Kashmore, Sindh, marking a significant step into the country’s unconventional gas sector. While the well’s initial flow rate of 0.138 million standard cubic feet per day (MMscfd) may seem modest, industry analysts say the find is a major technical achievement. For the first time, hydrocarbons
Oil prices rose for a sixth day on Wednesday supported by robust US economic growth and the risk of supply disruptions from Venezuela and Russia. Brent crude futures climbed 17 cents, or 0.27%, to $62.55 a barrel by 0714 GMT, while US West Texas Intermediate crude added 20 cents, or 0.34%, to $58.58. Both contracts have gained about 6% since December 16, when they plunged to near five-year l