NEW YORK: Oil prices closed higher Friday on expectations that stockpiles will ease as OPEC members adhere strictly to production cutbacks. New York’’s main futures contract, light sweet crude for delivery in March, rose 2.80 dollars from its closing price on Thursday to 46.47 dollars. Brent North Sea crude for March rose 2.98 dollars to 48.37 dollars on London’’s InterContinental Exchange. The higher prices underscored adherence to production cutbacks by the OPEC cartel, experts said. “Signs of improved OPEC compliance help crude bounce from lows, despite deepening recession,” analysts at JPMorgan Chase said. “In the midst of a further wave of pressure on the financial system, there are signs that commodity markets, in particular oil, are being brought back into balance by supply cutbacks,” they said in a report Friday. OPEC’’s production fell by 1.5 million barrels per day in January to 26.1 million barrels per day, according to Petro-Logistics, indicating the cartel was moving to restore supply-demand balance. OPEC decided on December 17 to cut production to 2.2 million barrels a day in a bid to halt the slide in oil prices. Since September, OPEC has cut a total of 4.2 million barrels per day from its production to modify the fall in crude oil prices, which have plummeted by about 100 dollars per barrel since their record high of 147.50 dollars in July. A suspected US missile strike on militant hideouts in Pakistan three days after Barack Obama became president also pushed oil prices higher, Antoine Halff of Newedge Group said.Missiles fired from suspected US drones on Friday slammed into presumed militant dens in Pakistan killing 15 people, including three children and at least four civilians, officials said.The strikes were the first since Obama took office and one day after he appointed a brand new special envoy for Afghanistan and Pakistan.
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Pakistan needs to move swiftly to ease tensions with India, including examining laws in the way of prosecuting militants who commit violence in other countries, the Financial Times quoted Pakistan’s prime minister as saying.
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Corrects fourth paragraph to read …Pakistan “needed to…
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KARACHI: Only six to eight steel re-rolling mills out of 63 are operating in the city these days while others have temporarily stopped work owing to s
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MINGORA/PESHAWAR: Two separate attacks, including a suicide blast, were carried out on security forces on Friday, killing two security personnel and t
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LAHOREPUNJAB Chief Minister Shahbaz Sharif has said PML-N leadership was on trial because it wanted to protect Pakistan interests and wanted r
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ISLAMABAD: The Senate passed a unanimous resolution on Friday to condemn in strongest terms the barbaric Israeli military aggression against the Pale
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LAHORE: The third and final decisive ODI of three match series between Pakistan and Sri Lanka would be played at Gaddafi Stadium in Lahore on Saturday here.Sri Lanka’’s resounding victory in the second ODI in Karachi showed all the indications of their commitment to improve on the areas in which they faltered the day before, when they lost by eight wickets. Their middle-order built on a good start provided by the openers, putting behind them the collapse in the first match, and their spinners ensured a comprehensive win - they took seven of the ten wickets - after the Pakistan batsmen had negotiated them well in the series opener. A successful remedy of their batting concerns - Thilina Kandamby’’s inclusion in place of Jehan Mubarak worked wonders - and restoration of their spinners” dominance amid a sorry capitulation by the Pakistan batsmen gives Sri Lanka the edge going into the series-decider. The hosts, though, have more to gain from a series-win, it will represent a welcome conclusion to the first international series in Pakistan during what’’s been a tumultuous few months, help generate revenue for it’’s cash-strapped board and bring back more fans to the grounds after lower-than-expected turnouts for the first two games. However, they have more reasons to worry. Only three Pakistan batsmen reached double figures in their 129-run defeat, and while Salman Butt was fluent with Shoaib Malik scoring freely at the other end, the way the rest surrendered augurs badly for the decider. Moreover, the form of their new-ball pair is a major worry: Shoaib Akhtar bowled just six overs for 45 at below-par speeds in the previous match and has drawn criticism from his own captain, while Sohail Tanvir has gone for around seven runs per over in both ODIs.
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KarachiA joint strategy to tackle health-related issues was chalked out on Friday at a meeting between Sindh Health Minister Dr Sagheer Ahmed
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LAHORESPEAKERS at a seminar urged the UN to take stringent measures to ensure respect of every religion and formulate laws to stop blasphemy a
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