EUR 9.32 For Business Accounts Only

 Oil prices up owing to production outages in the U.S Gulf of Mexico

Storms in the Gulf of Mexico remains bullish factor for oil price

Oil prices turned positive this week on crude oil production outages in the U.S Gulf of Mexico due to threat of tropical storm and increased tensions in the Middle East. According to Reuters, nearly 70% or 1.3mn barrels per day of crude oil production has been cut in U.S regulated areas of the Gulf of Mexico of U.S. WTI crude closed at USD 60.21/bbl (+4.69% WoW) and Brent crude closed the week at USD 66.72/bbl, reporting a weekly gain of +3.88%. Arab Light crude closed at USD 69.14/bbl, reporting a weekly gain of 7.41%.

Richard Bay’s coal price declines to USD 65.90/MT

Richard Bay’s coal price declined by 1.72% WoW to USD 65.90/MT after gaining 6.51% WoW in the week ended on July 5, 2019. Average cement price in South region increased by 1.77% WoW to PKR 641/bag. Whereas price in Northern region declined by 1.18% WoW to PKR 625/bag.

Local steel prices remain unchanged

During the outgoing week, CRC and Rebar price in the domestic market remained unchanged. London’s steel scrap price for the same week declined slightly by 0.99% WoW to USD 299/MT.

Cotton price in domestic market increase by 1.20% WoW

During the outgoing week, cotton price in domestic market increased by 1.20% WoW to PKR 8,460/37kg, however yarn price in the domestic market remains stable. The cotton price in international market declined by 5.49% WoW.