Singapore : Oil prices rose on Wednesday following a report of declines in U.S. crude inventories and as looming sanctions against Iran raised expectations of tightening supply, while top producer Russia warned of a fragile global crude market.
U.S. West Texas Intermediate (WTI) crude futures were at $69.84 per barrel at 0428 GMT, up 59 cents, or 0.9 percent, from their last settlement.
WTI futures gained 2.5 percent in the previous session. Brent crude futures climbed 28 cents, or 0.4 percent, to $79.34 a barrel.
Brent has climbed for four straight sessions, gaining 2.2 percent the previous day. "Oil prices jumped overnight as American Petroleum Institute inventory data showed a large drawdown in inventories," said William O´Loughlin, investment analyst at Australia´s Rivkin Securities.
The image shows a poster of Syngenta Pakistan's 'CropWise Grower' mobile application. — Syngenta...
The undated image shows the name of the Bank of Punjab written on one its branches. — APP FileKARACHI: The Bank of...
ABHI, a financial technology company, partners with Soorty Enterprises. — Facebook/ProPakistaniKARACHI: ABHI, a...
This representational image shows Gold bars. — AFP/FileKARACHI: Gold prices in the local market dropped by Rs1,600...
A currency exchange dealer counting $100 bills. — AFP/FileAs any old-school currencies trader will tell you: buy...
A Pakistan International Airline aircraft takes off in this undated picture. — Radio Pakistan/FileLAHORE: We have...