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"This suggests that no immediate flooding of the market is anticipated," PVM analysts said in a note. The Brent six-month spread remains in backwardation with the front-month price higher than later months. South Korea reported its highest daily tally of COVID-19 cases. A resurgent coronavirus forced Japan to declare a state of emergency in Tokyo that will run throughout the Olympic Games. Russia was trying to mediate to help to strike a deal to raise output, OPEC+ sources said on Wednesday.Ĭoncerns about the pandemic also weighed on prices. Back on Nymex, September gasoline prices RBU22, -1.21 retreated 1 cent, or 0.6, to 2.67 per gallon while September heating oil HOU22, -0.46 fell 1 cent to 3.73 per gallon. The group is still holding back almost 6 million barrels per day (bpd) of output and had been expected to reduce those cuts this year. On Friday, the quote neared 20 before late selling knocked crude for March delivery back to 19.22. Back on Nymex, September gasoline prices RBU22, -1.17 added 4 cents, or nearly 1.5, to 2.933 per gallon while September heating oil HOU22, +0.88 rose 7 cents, or 1.7, to 3.8419 per gallon. Return on equity (ROE) was at 18.79 per cent, according to exchange data. The stock traded at a price-to-earning (P/E) multiple of 3.56, while the price-to-book value ratio stood at 0.82. Traders fear members of the OPEC+ group could be tempted to abandon output limits that they have followed during the pandemic. Oil prices had fallen to about 18.50 a barrel before beginning to rally just after Christmas. commanded a market value of Rs 66558.1 crore, according to BSE. Disagreement between the two Gulf OPEC allies was publicly exposed last week, with Riyadh and Abu Dhabi at odds over a proposed deal that would have brought more oil to the market. The benchmark KSE-100 index moved in a wide range with intra-day high and low of 47,623.44 and 47,053.96 points. Futures have fallen recently because of a breakdown in discussions between major oil producers Saudi Arabia and the United Arab Emirates. International oil prices fell 4, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow the global recovery in fuel demand.
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