Pakistan reserves rise as oil Gains on liquidity injection – Pakistan oil and gas sector update

Pakistan reserves rise as oil Gains on liquidity injection – Pakistan oil and gas sector update

PAKISTAN – Pakistan’s energy explorers led by Oil & Gas Development Co. (OGDC) were poised for their biggest gain in a week as steps taken by central banks to ease the European debt crisis boosted oil for a fifth day.

OGDC, Pakistan’s biggest explorer, climbed 1.2 percent to 155 rupees as of 1:13 p.m., the most since Nov. 24. Pakistan Petroleum Ltd. (PPL), the second-biggest explorer, gained 0.7 percent while Pakistan Oilfields Ltd. (POL) rose 0.4 percent.

The U.S. Federal Reserve, the European Central Bank and the central banks of Canada, Switzerland, Japan and the U.K. yesterday cut the cost of borrowing dollars for emergency funding by European banks. Oil futures climbed as much as 0.5 percent after gaining
0.6 percent yesterday to cap a second monthly increase, countering speculation that a bigger-than- expected rise in U.S. crude supplies signals weakening demand.

“The stocks are responding to the liquidity injection by the six central banks,” said Burhan Moosa, a trader at IGI Finex Securities Ltd.

U.S. oil supplies rose by 3.9 million barrels last week, compared with a forecast for a 50,000 barrel increase in a Bloomberg News survey.

Crude for January delivery rose as much as 54 cents to $100.90 a barrel and was at $100.81 in electronic trading on the New York Mercantile at 3:49 p.m. Singapore time.

Short URL: https://www.newspakistan.pk/?p=5780

Posted by Ahmed Tariq on Dec 9 2011. Filed under Business, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry