NEW YORK: Oil prices slumped below 80 dollars a barrel on Tuesday as euphoria about international bank rescue efforts gave way to concern about the health of the global economy, analysts said. New York’’s main contract, light sweet crude for delivery in November, closed down 2.56 dollars at 78.63 dollars in New York. The contract, which had won 3.49 dollars on Monday, had recovered since striking a one-year low last Friday amid fears of widespread financial meltdown. On Tuesday, London’’s Brent North Sea crude for November delivery fell 2.93 dollars to 74.53 dollars. “The government interventions are probably a good step in trying to unlock the credit freeze, but crude oil will gain (significantly) only when there is unlocking of the demand freeze,” said Petromatrix analyst Olivier Jakob. He added: “Clearly, the global investor is finding more buying opportunities in equities than in commodities.” Global stock markets staged one of their biggest bounces ever on Monday in the wake of efforts in Europe to shore up ailing banks and unblock the credit freeze. Stocks rose again on Tuesday in Europe and Asia, with Tokyo posting its biggest-ever rally. Stocks in the US closed lower. Despite the new optimism on stock markets, most analysts expect the world’’s advanced economies to fall into recession because of credit restrictions, falling house prices and declining consumer spending. Economic performance dictates the demand for crude oil, with demand already slowing in advanced economies such as the US and Europe. “The point is that while the money markets may return to a semblance of normality, the larger economy which it services is still heading towards, if not already in, recession,” said analysts at MF Global.
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KarachiThe City Council unanimously adopted two separate resolutions on Tuesday, demanding of the government to withdraw the recent increase i
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LAHOREPUNJAB Chief Minister Mian Muhammad Shahbaz Sharif has said that terrorism and other serious threats confronting the country will be dis
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LAHOREJUSTICE Mian Najam-uz-Zaman of the Lahore High Court on Tuesday sought parawise comments from the Foreign Office at Islamabad on a petit
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WARSAW: A Polish engineer kidnapped two weeks ago in Pakistan by suspected Taliban militants appeared in a video address on Tuesday urging the release
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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Tuesday asked all the political parties for joint efforts to combat the menace of terrorism in the c
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LAHOREMost of the Lahorities passed a terrible night after electricity loadshedding played hide and seek with the citizens with the power shut
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KHAR: The security forces, while continuing to target hideouts of terrorists, on Tuesday killed 14 people in different parts of Bajaur Agency.
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ISLAMABAD: Former President Pervez Musharraf said, Tuesday the policy against war on terror launched by him, should remain continued.He was speaking on the occasion of reception in honour of recently retired army officials in Rawalpindi. Those retired army officers included Lieutenant General Retd. Ather Ali Khan, Lieutenant General Retd. Salah-ud-Din Satti, Lieutenant General Retd. Sabir and Lieutenant General Retd. Safdar.Chief of Army Staff General Ashfaq Pervez Kayani was also present on the occasion.Former President Musharraf lauded the services of the retired Lieutenant Generals for the country, exchanged views on the law and order situation of the country and added that his policy against war on terror was launched thoughtfully.
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LAHORE: Punjab Chief Minister Mian Muhammad Shahbaz Sharif has said that terrorism and other serious threats confronting the country will be discussed
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