Singapore : Oil prices on Friday stayed near three-year highs reached earlier this week, with ongoing OPEC-led supply cuts and strong demand gradually drawing down excess supplies.
Brent crude oil futures were at $73.74 per barrel, down 4 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 13 cents at $68.16 a barrel.
Both Brent and WTI hit their highest levels since November, 2014 on Thursday, at $74.75 and $69.56 per barrel respectively.
WTI is set for its second weekly gain, climbing more than 1 percent this week, while Brent is also poised to rise for a second week, adding around 1.5 percent. Traders said there had been some profit-taking on Friday following Thursday´s multi-year highs.
There was also some caution after Russia´s energy minister Alexander Novak was reported saying that a group of producers around the Organization of the Petroleum Exporting Countries (OPEC) as well as Russia may this year ease output restrictions.
Pakistani laborers sort potatoes at a vegetable market in Karachi. — AFP/FileISLAMABAD: Pakistan, recognised as one...
The Karachi Chamber of Commerce & Industry building. — Facebook/Kcciofficial/File KARACHI: The Karachi Chamber of...
Silver rates remained unchanged at Rs2,580 per tola
The BoJ last week raised interest rates for the first time since 2007 and ditched its controversial negative interest...
The rupee, which was declining on a daily basis against the dollar, started recovering rapidly from over Rs320 to Rs270
Announcement was made by Askar Sydykov, Director of IBC, during discussions with a Pakistani trade delegation led by...