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SINGAPORE: Oil prices edged higher in Asian trade Monday, as improved transportation links unlocked a glut of US supplies, analysts said. New York's main contract, West Texas Intermediate (WTI) for delivery in August, rose 44 cents to $108.49 a barrel, while Brent North Sea crude for September was up 36 cents at $108.43 in mid-morning trade. WTI had reached as high as $109.32 in intra-day New York trade on Friday, topping the price of Brent for the first time since August 16, 2010. The contract "has traded above Brent as the glut in Cushing, Oklahoma, the delivery point for WTI, has been eased by pipeline and rail shipments," Lee Chen Hoay, investment analyst at Phillip Futures in Singapore, told AFP. Oil prices have been supported by a nearly 27-million barrel decline in US stockpiles in the past three weeks thanks to the US driving season when Americans take to the roads for their holidays. "We are in the driving season and expect to see prices for WTI sustained at these higher levels," said Kelly Teoh, market strategist at IG Markets in Singapore. (AFP)
The International Monetary Fund said Friday that Pakistan was "broadly on track" with reforms tied to a $6.7 billion loan package, but warned it must act to rebuild foreign exchange reserves.
The Washington-based lender agreed the three-year programme with Islamabad in September and made an initial payment of $540 million.
The package is aime..... Read more
Oil prices were mixed in Asian trade on Wednesday after hitting multi-month highs on the back of upbeat housing data in the United States, analysts said. New York’s main contract, light sweet crude for delivery in March, dropped two cents to $97.55 a barrel in the afternoon, while Brent North Sea crude for March delivery gained six cents to $114.42. Oi..... Read more
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The power shortfall in the country persists at 1100MW, said National Transmission and Dispatch Company (NTDC), Geo News reported.
According to spokesman of the NTDC, the electricity generation in the country was 9900 MW, while its demand was 11000MW.
The spokesman said 3380MW was being generated through hydel, 1570MW through thermal while Independent P..... Read more
