Reuters
Tokyo
Oil futures rose for a second straight session on Tuesday, with U.S. crude hitting a seven-month high, as the market focused on supply disruptions that prompted long-time bear Goldman Sachs to issue a bullish assessment on near-term prices.
Crude oil prices have rallied for most of the past two weeks due to a combination of Nigerian, Venezuelan and other outages, declining U.S. output and curtailments of Canadian crude after fires in Alberta's oil sands region.
U.S. West Texas Intermediate (WTI) futures were up 67 cents at $48.39 a barrel at 0635 GMT, the highest since October.
Brent crude futures were up 37 cents at $49.34 a barrel, near the six-month high of $49.47 reached on Monday.
Outages throughout May will average 3.2 million barrels per day (bpd), Energy Aspects analyst Amrita Sen said in a research note. "The longer these outages, the quicker the pace of rebalancing," Sen said.
A Nestlé office seen in this undated image.—The News/File LAHORE: Nestle Pakistan has released its 2023 Creating...
An undated image of a gold set displayed at a jewellery store. — AFP/FileKARACHI: Gold prices increased by Rs2,500...
Institute of Chartered Accountants of Pakistan building seen in this undated photo. — Business Recorder/FileKARACHI:...
A representational image of the SECP logo. — X/@SECPakistan/FileISLAMABAD: The Securities and Exchange Commission of...
A representational image showing farmers harvesting wheat crops in a field. — AFP/FileISLAMABAD: The Federation of...
A foreign currency dealer counts US dollar notes at a currency market in Karachi on July 19, 2022. — AFPNew York:...