Oil Prices Fall After Spike Above 70 Dollars

NEW YORK: Oil prices retreated Friday after a brief spike that pushed New York crude above 70 dollars per barrel for the first time in seven months, before the market settled back on a US dollar rebound.

New York's main futures contract, light sweet crude for delivery in July closed at 68.44 dollars, down 34 cents, after a jump to 70.32 dollars a barrel, the highest level since November 4.

Brent North Sea crude for July delivery fell 37 cents to 68.34 dollars a barrel in London, having spiked as high as 69.91 dollars.

Analysts said that a surprise rise in the US dollar after a mostly positive American jobs report dragged down oil prices.

The dollar, often regarded as a safe haven in times of economic turmoil, has been dropping on data showing signs of economic recovery.

John Kilduff of MF Global said the market had to cope with "a very strong rally of the dollar which should have engendered losses for crude oil," but that reaction was muddled by a mixed report on US employment.

Kilduff said that after 70 dollars was breached, "we've seen a terrific amount of profit taking."

The US Labor Department said Friday the jobless rate surged to 9.4 percent in May, while the number of job losses slowed to a better-than-expected 345,000.

The report, seen as one of the best indicators of economic momentum, offered conflicting signals about a weak labor market, but suggested that the pace of massive job cuts is easing, a positive sign for a recession-battered economy.

Oil prices have experienced a roller-coaster week in reaction to movements in the dollar, US inventory data and predictions made about crude futures.

A struggling US currency makes dollar-priced crude cheaper for buyers holding stronger currencies, in turn stimulating demand and pushing up prices.

This news publsihed by www.thearynews.com

17.7 percent more revenue received in July-April: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs898.641 billion in 10 months (July-April) of current fiscal year 2008-09, which works out to 17.7 percent more than the same period previous year, however, the Board faces a gigantic task of collecting another Rs350 billion in the remaining two months to meet the target of
Rs1250 billion.

In April alone, the FBR collected Rs83.532 billion. According to provisional figures, collection of direct taxes in the first ten months of the current fiscal year amounted to Rs332 billion, while in the same period previous it stood at Rs284 billion.

Revenue received on account of sales tax during the period under review amounted to Rs358 billion, of which, Rs194 billion received from sales tax locally and Rs164 billion at import stage.

Federal excise duty received in July-April current fiscal year amounted to Rs90 billion and customs duty Rs117 billion.

This news published by www.geo.tv

KSE aftershocks knock down over 250 points

KARACHI: Karachi Stock Exchange (KSE) this morning struck by initial shock continued witnessing a series of aftershocks, which knocked down at the end of the day overall a substantial over 250 points.

Analysts said that the Taliban factor, like other sectors of the economy, eating away the vitality of the market and the investors fearing further deterioration in law and order situation shunned taking any new position instead preferred for unloading their stocks and minimizing the losses.

KSE-100 index reeling down 261 points pegged at 7360.

This News Published By geo.tv

Oil Prices Mixed After OPEC Decision

NEW YORK: World oil prices were mixed Monday after OPEC decided to leave output steady in the face of a deepening global economic crisis.
New York's main futures contract, light sweet crude for April, leapt 1.10 dollars to close at 47.35 dollars a barrel.

The benchmark contract opened more than a dollar lower but firmed throughout the session as the market picked up a whiff of cautious optimism from equities markets.

"Prices not surprisingly went down in response to the OPEC announcement that OPEC was going to leave the quotas unchanged," said Andy Lipow at Lipow Oil Associates.
"But as the day progressed, the stock market continued its rally," he added. US stocks faded late in the day after a four-day rally.

In London, Brent North Sea crude for delivery in April shed 95 cents from Friday's close to settle at 43.98 dollars a barrel.

Finance ministers from the Group of 20 emerging and developed nations vowed coordinated and sustained efforts to help stem a massive financial crisis after a London meeting Saturday.
Oil prices earlier had fallen after the Organization of the Petroleum Exporting Countries decided at a meeting Sunday in Vienna to leave members' production quotas unchanged.

Some analysts had speculated that they would once again cut output to shore up prices that have tumbled from record peaks above 147 dollars a barrel last July.