No Result
View All Result
Sunday, June 1, 2025
MM News
اردو
  • Home
  • Latest News
  • Showbiz
    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

    Alizeh Shah

    Alizeh Shah’s heartfelt Eid al-Adha message captivates fans online

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • Showbiz
    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

    Alizeh Shah

    Alizeh Shah’s heartfelt Eid al-Adha message captivates fans online

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Showbiz
  • Thought Box
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Business & Stock

Oil prices hit three-year high amid supply deficit forecasts

MM News Staff by MM News Staff
October 15, 2021

WASHINGTON: Oil prices jumped to a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand.

Brent crude futures were up 70 cents, or 0.9%, at$84.70 a barrel at 1:28 p.m. EDT (1728 GMT). Front-month prices, which touched their highest level since October 2018 at $85.10, were headed for a weekly rise of 3%, which would be their sixth straight weekly gain.

US West Texas Intermediate (WTI) crude futures rose 80 cents, or 1.0%, to $82.11 a barrel. The contract is heading for a 3.5% gain on the week, putting it on track for an eighth consecutive weekly rise.

Demand has picked up with the recovery from the COVID-19 pandemic, with a further boost from power generators who have been turning away from expensive gas and coal to fuel oil and diesel.

The White House said it will lift COVID-19 travel restrictions for fully vaccinated foreign nationals effective November 8, which should boost jet fuel demand. read more

Meanwhile, a sharp drop in oil stockpiles in the United States and the member countries of the Organisation of Economic Co-operation and Development is expected to keep global supply tight.

“It will take a trifecta of events to derail this oil price rally: OPEC+ unexpectedly boosts output, warm weather hits the Northern Hemisphere, and if the Biden administration taps the strategic petroleum reserves,” said Edward Moya, senior market analyst at OANDA.

The International Energy Agency on Thursday said the energy crunch is expected to boost oil demand by 500,000 barrels per day (bpd).

That would result in a supply gap of around 700,000 bpd through the end of this year, until the Organization of the Petroleum Countries and allies, together called OPEC+, add more supply, as planned in January.

Tags: Oilprices
ShareTweetSendShare
Previous Post

PM Khan illuminates his residence ahead of 12th Rabi-ul-Awal

Next Post

US to lift restrictions for vaccinated foreign travelers from next month

Related Stories

file image
Business & Stock

FBR proposes increase in withholding tax for vehicles

June 1, 2025
Representative image
Business & Stock

Forex rates in Pakistan today- Sunday, June 1, 2025

June 1, 2025
representative image
Business & Stock

Gold prices in Pakistan today- Sunday, June 1, 2025

June 1, 2025
Shehbaz Sharif
Business & Stock

Balochistan to receive Rs250 Billion in development budget: Shehbaz Sharif

June 1, 2025
File photo
Business & Stock

AirAsia: Malaysia’s budget airline begins flight operations to Karachi

May 31, 2025
File photo
Business & Stock

FBR faces Rs206 Billion tax shortfall in May 2025

May 31, 2025
representative image
Business & Stock

Gold prices further drop in Pakistan

May 31, 2025
file photo
Business & Stock

FBR proposes 100% increase in withholding tax on cash withdrawals from banks

May 31, 2025
Foreign Currency
Business & Stock

Foreign currency exchange rates in Pakistan, 31 May 2025

May 31, 2025
File photo
Business & Stock

Legal status of virtual assets in Pakistan

May 30, 2025
Next Post
The White House lifted travel restrictions Friday for fully vaccinated foreign national (NewsNation Now)

US to lift restrictions for vaccinated foreign travelers from next month

Trending Stories

file photo
Transport

Govt doubles public transport fares in Islamabad

by MM News Staff
June 1, 2025
Darra Adam Khel
Crime

Explosion in Darra Adam Khel house kills two, injures several

by MM News Staff
June 1, 2025
President Asif Ali Zardari
National

President stresses need for closer Pakistan-Bangladesh ties

by MM News Staff
June 1, 2025
Gang-rape
Top News

Indian female Taekwondo player gang-raped in ashram

by MM News Staff
June 1, 2025
file photo
World

Saudi Arabia announces start date of new Umrah season

by MM News Staff
June 1, 2025

Opinion

munir ahmed oped
AIF 2025 – A Rallying Cry for Unity in a Fractured World
May 31, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Eurasian Economic Union at 10: Looking Beyond the Decade
May 29, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Crimea at the Crossroads: Development, Identity, and Geopolitics
May 29, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

file photo
Weather

Weather updates for Islamabad, other parts of Pakistan

by MM News Staff
June 1, 2025

The weather is likely to remain hot and dry in most parts of the...

Heatwave

Karachi braces for more heat as temperature remains high

May 31, 2025
file photo

Karachi temperature likely to hit 41°C today

May 30, 2025
Heavy Rain

Storm and heavy rains wreak havoc in Khyber Pakhtunkhwa, 5 dead

May 30, 2025
See all

Prices

representative image
Business & Stock

Gold prices in Pakistan today- Sunday, June 1, 2025

by MM News Staff
June 1, 2025

The following are the current gold prices in Pakistan on Sunday, June 1, 2025....

File photo

Petrol price hiked by Re1 per litre in Pakistan

May 31, 2025
LGP prices have been slashed ahead of Ramadan. File photo

LPG prices announced for June 2025

May 31, 2025
representative image

Gold prices further drop in Pakistan

May 31, 2025
See all

Transport News

file photo
Transport

Govt doubles public transport fares in Islamabad

by MM News Staff
June 1, 2025

The Capital Development Authority (CDA) has introduced a revised fare structure for the city's...

representative image

Everything you need to know about Lahore’s Yellow Line E-Train Project

June 1, 2025
Pakistan Express

Train derailment: Pakistan Express heading to Rawalpindi suffers major accident

June 1, 2025
(Image: Dawn)

Karachi residents protest load-shedding; National Highway blocked

May 31, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Showbiz
  • Thought Box
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.