Dollar grows stronger amid high interest rates, Brent futures hit one-year high
Greenback surges to 149.71 against yen
Successive governments trapped nation in IMF loans: Hafiz Naeem
Working class paid Rs264 billion while Rs 4 billion were contributed by rich: JI leader
OPEC+ cuts to tighten oil market sharply in fourth quarter: IEA
Broader economic concerns amplified by worries that interest rates will remain high in the US
Riyadh and Moscow extend production cuts, G7 shelves regular Russian oil cap reviews
Benchmark Brent oil futures are trading at their highest this year at above $90 a barrel
Caretaker PM Kakar for good roads to access resources
Caretaker PM Kakar for good roads to access resources
IMF seeks plan from Pakistan to provide relief to power consumers
Further dialogue will be held between FBR and IMF
Oil rises on US stockpile draw and hurricane jitters
Brent crude futures for October rose by 42 cents, or 0.49%, to $85.91 a barrel by 0748 GMT
Protests erupt in Syria's Druze city over fuel hikes
Protests erupt in Syria's Druze city over fuel hikes
Lawmakers urge Biden to resolve offloading delay of seized Iran oil tanker
Lawmakers urge Biden to resolve offloading delay of seized Iran oil tanker
Rs17.50 per litre spike - all-time high petrol prices put a strain on the masses
There is Rs20 hike in the high-speed diesel rate too
Colombia's potential renewables boom short circuits on Indigenous resistance
Colombia's potential renewables boom short circuits on Indigenous resistance
Oil nudges up as China cuts policy rates to support economy
Brent crude futures rose 11 cents, or 0.1%
Most Gulf markets in red as China woes linger, oil falls
Most Gulf markets in red as China woes linger, oil falls
Oil steadies as China worries counter supply cuts
Brent crude futures slipped 35 cents to $86.46 a barrel by 1027 GMT
IEA warns of higher oil prices amid OPEC+ supply cuts
Says reduction collided with improved macroeconomic sentiment, all-time high world demand
Oil prices ease as bearish China data fuels demand concerns
China's oil imports in July fell 18.8% from the previous month to the lowest daily rate since Jan
Oil slips as weak China data offsets tightening supply
Oil slips as weak China data offsets tightening supply
Oil prices edge up as production cuts keep market supported
Russia also said it would cut oil exports by 300,000 barrels per day in September
Saudi Arabia hikes most September oil prices to Asia
Saudi Arabia said that the voluntary oil output cut of 1M BPD would be extended to include September
Oil rises for 6th straight week as global supplies tighten
Saudi Arabia on Thursday extended a voluntary oil production cut of 1 million barrels per day
Oil prices set for sixth weekly gain as producers pledge output cuts
Brent on Thursday clawed back a 2% drop in the Wednesday session
Oil prices rise more than 1pc after sharp drop in US crude stocks
Analysts expect Riyadh to extend its 1m bpd voluntary oil output cut for another month
Oil holds near three-month high on signs of tightening supply
Brent crude futures for October were at $85.25 a barrel
Oil inventory drops set stage for higher prices
The declines have also been skewed more towards fuel than crud
Oil on track for biggest monthly gains in over a year
Brent crude futures dipped 9 cents to $84.90 a barrel by 0005 GMT
Oil prices open lower on demand concerns, remain on track for weekly gain
Oil rose last session as fears of a global economic slowdown were eased by strong earnings reports
Oil up as supply tightness view offsets concerns from rate hikes
Oil prices edged lower on Wednesday as U.S. crude inventories fell less than expected
Oil prices ease after build in US crude stockpiles
Saudi oil exports fell almost 40pc in May from the same period a year ago
UN starts removing oil from decaying tanker near Yemen in Red Sea
UN starts removing oil from decaying tanker near Yemen in Red Sea
Oil rallies for fourth straight week on tightening supply
US energy firms this week reduced the number of oil rigs by seven, their biggest cut since early Jun
Oil settles higher amid low crude stocks, cautious economic outlook
Previously, prices fell after data showed U.S. inventories fell less than analysts expected
Oil prices open lower on dollar strength, profit-taking
U.S. crude inventories fell by 708,000 barrels in the last week to 457.4 million barrels
Oil prices up on China economic support pledge, tighter supply
Russia will reduce its oil exports by 2.1 million tons in the third quarter
Oil prices inch up as US crude supplies seen tightening
U.S. shale oil production is projected to fall to nearly 9.40 million barrels per day in August
Oil slides more than 1pc as Chinese GDP dents demand hopes
Two of three Libyan fields have resumed output; Russian oil exports from western ports set to fall
Oil prices fall on profit-taking, still record weekly gain
Oil prices gained nearly 2% on a weekly basis
OPEC sees 2.2pc oil demand growth in 2024 despite headwinds
OPEC's demand growth forecast for 2024 is double that of the International Energy Agency
IEA trims 2023 oil demand forecast on economic headwinds
Oil demand growth is set to halve next year to 1.1 million bpd
Pakistan negotiating second cargo of discounted Russian crude
Mr. Malik did not disclose the quantity of oil under discussion for the second consignment
Oil prices rise in early trade as US inflation cools
Oil prices rise in early trade as US inflation cools
UAE's revised energy strategy includes big hydrogen plans
UAE's revised energy strategy includes big hydrogen plans
Russia, Gulf top diplomats say OPEC+ efforts stabilize global oil market
They also emphasized the importance of unhindered access to global markets for food and fertilizers
Oil dips $1 on interest rate fears, but OPEC+ cuts limit fall
Oil dips $1 on interest rate fears, but OPEC+ cuts limit fall
Oil prices up 3% to 9-week high on supply concerns
That was the highest close for Brent since May 1 and WTI since May 24
Saudi Arabia hikes most August oil prices to Asia after supply cuts
Saudi Arabia announced it would draw out its 1 million bpd voluntary cut to oil in August
Oil prices steady as rate hike fears offset signs of tightening supply
U.S. crude stocks drew more than expected on strong refining demand
Shell CEO calls it 'irresponsible' to cut oil production now
Shell CEO calls it ‘irresponsible’ to cut oil production now
US crude oil gains on supply cuts, focus shifts to holiday demand
U.S. crude stocks fell by about 4.4 million barrels last week, while gasoline and distillate invento
Saudi Arabia says new oil cuts show teamwork with Russia is strong
OPEC+ to do whatever necessary to support market; Saudi-US relations strained by oil policy, Russia
Oil prices ease as worries over global economic slowdown weigh
Saudi Arabia said it would extend its voluntary output cut of 1 million barrels per day to August
Oil steady as markets weigh supply cuts against weak economic data
The oil benchmarks had settled down about 1% in the previous session
Oil prices slip on global economic slowdown fears
OPEC output dips in June ahead of Saudi cut; US buys 3.2m barrels of oil for SPR
Oil settles higher but posts fourth straight quarterly decline
Benchmark Brent crude settled up 56 cents, or 0.8%, at $74.90
Oil prices ease on fears of more rate hikes denting fuel demand
Top central banks on Wednesday stressed further policy tightening to tame high inflation
Oil ticks up as drop in US crude and gasoline stocks exceeds view
Crude stocks fell by about 2.4 million barrels in the week ended June 23
Oil nudges higher as supply worries offset concerns about demand
Prices were down 3.6pc last week over the likely US rate hikes
Oil climbs on concerns Russia political issues may impact supply
Goldman Sachs analysed markets may price a moderately higher probability due to Russia’s politics
As fuel taxes plummet, states weigh charging by the mile
As fuel taxes plummet, states weigh charging by the mile
Oil dips on demand worries as more rate hikes likely
Brent dropped about $3 after England raised interest rates, more U.S. interest rate hike are likely
Oil resumes slide on demand worries after UK rate hike
Brent futures slipped 51 cents, or 0.4%, to $73.76 a barrel
Oil steadies after sliding on UK rate hike
The market is now waiting for the release of Purchasing Managers Indexes around the world on Friday
Oil plunges 4pc as interest rate hikes outweigh lower oil supplies
US crude inventories fell by 3.8 million barrels in the last week to 463.3 million barrels
Oil steady Thursday morning as dip in US crude stocks offsets demand fears
Fed's Powell hints at further rate hikes; US dollar ticks up against a basket of currencies
US oil stocks at Cushing delivery hub hit 2-year peak
A spate of unexpected refinery outages in the Midwest have added to the inventories
Oil gains for the week as supply cuts balance demand concerns
Russian Minister Nikolai Shulginov says it is realistic to reach oil prices of around $80 a barrel
OPEC+ oil output cuts are non-political: Putin
Says Moscow is shifting away its oil and gas trade away from Europe
Iran's oil exports hit 5-year highs as US holds nuclear talks
Iranian crude exports exceeded 1.5 million barrels per day (bpd) in May to highest since 2018
Oil gains for the week as supply cuts balance demand concerns
Oil has gained this week on hopes of growing Chinese demand
Oil prices dip, pausing after previous session's surge
Chinese demand for oil is expected to keep climbing at an assured rate during second half of year
Oil drops 1.5pc as US projects more rate hikes this year
US crude oil stocks rose by about 8 million barrels in the week ended June 9
Oil prices dip after unexpected rise in US crude stocks
Government data on stockpiles is due later in the day
Oil prices settle more than 3% higher after China rate cut
Brent crude futures rose by $2.45, to $74.29/barrel whereas WTI crude gained $2.30 to $69.42/barrel
Russia's Novatek developed its own LNG-producing technology
Russia's Novatek developed its own LNG-producing technology
Musadik mocks PTI for US conspiracy theory, says Russian oil has reached Pakistan
Says draft agreement for LNG import from Azerbaijan awaits cabinet approval
Oil prices inch higher on bargain hunting ahead of Fed rate decision
Brent crude futures climbed 16 cents, or 0.2%, to $72.00 a barrel
China's Unipec boosts Oman crude sales, caps oil prices despite Saudi cuts
China's Unipec boosts Oman crude sales, caps oil prices despite Saudi cuts
Pakistan's Russian crude shipment paid in Chinese currency: Minister
First cargo of discounted crude oil arranged under a new deal struck between Islamabad and Moscow
Oil edges lower ahead of Fed meeting
Brent crude futures fell 29 cents, or 0.4%, to $74.50 a barrel by 0058 GMT
OPEC+ working against 'uncertainities and sentiment,' Saudi energy minister says
OPEC+ working against 'uncertainities and sentiment,' Saudi energy minister says
First ship of discounted Russian oil docks at Karachi port: PM Shehbaz
Ship carrying 45,142 metric tons oil arrives at Karachi port
Oil posts second weekly decline as demand concerns overshadow Saudi cut
Brent crude futures fell $1.17, or 1.5%, to settle at $74.79 a barrel
Oil market yawned over Saudi cut as economic concerns cap prices - Chevron exec
Benchmark Brent crude prices were just below $76 a barrel on Thursday
Barter trade, other measures to boost Pakistan, Russia ties: ambassador
Putin to attend Shanghai Cooperation Organization summit: Ganich
Oil prices rise as Saudi output cuts outweigh weak demand signals
U.S. crude stocks fell by about 450,000 compared with estimates for a 1M build
Oil extends losses as economic slowdown concerns return
China's official data showed on Wednesday that its exports shrank much faster than expected in May
Saudi output cut unlikely to lift oil prices to high $80s-low $90s, Citi says
Says surprisingly better coordinated action required among OPEC+ producers to tighten markets
Saudi Arabia pledges big oil cuts in July as OPEC+ extends deal into 2024
Energy Minister Prince Abdulaziz says this is a Saudi lollipop; oil prices up 2pc
Analysts say Brent may rise toward $100/bbl as Saudi output cut could worsen supply gap
Voluntary cut is on top of broader OPEC+ deal
OPEC+ begins meetings that may agree further output cuts
Saudi minister told short-sellers to 'watch out'
Oil up over 2% after US debt deal and jobs data; focus turns to OPEC+
The focus is now turning to a meeting of OPEC and its allies this weekend
Oil falls after large surprise build in US crude stocks
Brent crude futures for August delivery fell 40 cents
Oil falls as weak China data offsets US debt ceiling progress
Brent crude futures for August delivery fell 28 cents to $73.43 a barrel
Why is OPEC+ cutting oil output?
Any additional cuts from the group could drive tensions with leading consuming nations
Top shipper of Russian oil secures Indian cover as Western certifiers exit
India does not recognise the sanctions and become the biggest buyer of seaborne Russian crude
Oil rises on US debt deal, but rate hikes, OPEC+ talks curb enthusiasm
Brent crude futures climbed 35 cents, or 0.5%
OPEC will welcome Iran's full return to oil market when sanctions lifted -secretary general
Sec. Gen. said Iran has capacity to bring on significant production volumes within short time period
Pakistan's petroleum imports plummet by 24pc
According to a PBS report, 16.06pc decrease in liquefied natural gas was also observed
Brazil inflation hits 2-1/2 year low; cenbank pressured to lower rates
Brazil inflation hits 2-1/2 year low; cenbank pressured to lower rates
Oil prices rise on concerns over tightening supply
Brent crude futures rose 86 cents, or 1.1%, to $77.70 a barrel by 0007 GMT
Oil prices rise on outlook for higher gasoline demand, tighter supply
Brent crude futures rose 20 cents, or 0.3%, to $76.19 a barrel
Oil rises 1% as supplies shrink, demand seen higher
U.S. gasoline gained 2.8% to a one-month high of $2.6489 per gallon
Oil supply won't be affected by stricter price cap enforcement, IEA says
The IEA does not see the enhanced enforcement of the price caps affecting the global oil supply
Oil slips as debt talks pause, Fed warns of high inflation
Brent futures settled 28 cents, or 0.8%, lower at $75.58 a barrel
Oil prices fall on strong dollar, sticky inflation
Brent futures were down 2 cents at $75.84 a barrel
Oil prices ease on caution over US debt ceiling talks
Brent crude futures dipped 20 cents, 0.3pc, to $76.76 a barrel as of 0228 GMT
Oil little changed as demand worries spur caution
Brent crude futures slipped 3 cents to $74.88 a barrel
US to buy 3 mln barrels to refill emergency oil reserve
Biden administration last year conducted the largest ever 180m barrels sale from strategic reserve
Oil falls as economic concerns offset prospect of tighter supplies
The tightening of sanctions will also seek to undermine Russia's future energy production
Business community wants conducive atmosphere for revival of ailing economy
Prevailing political scenario affects foreign and local investments: Businessman
Congo in discussions with Uganda over use of crude pipeline
Congo in discussions with Uganda over use of crude pipeline
Oil plunges on higher US oil stocks, inflation data in focus
Brent crude dropped 52 cents, or 0.7%, to $76.92 a barrel at 0455 GMT
Oil prices dip in cautious trade ahead of US inflation data
Brent crude price was down 31 cents, or 0.4%, at $76.70
Oil climbs almost 3% as recession fears begin to fade
Oil climbs almost 3% as recession fears begin to fade
Oil prices inch up as recession fears begin to fade
Brent crude futures were up 6 cents at $75.36 a barrel at 0022 GMT
Canada opens formal investigation into Imperial's oil sands tailings leak
Canada opens formal investigation into Imperial's oil sands tailings leak
Oil falls 5% to five-week low on US debt ceiling, interest rate hike worries
Oil falls 5% to five-week low on US debt ceiling, interest rate hike worries
Italy's Eni sees no major energy price upsets in 2023
Italy's Eni sees no major energy price upsets in 2023
First Russian oil shipment set to arrive on May 24
The commercial deal for purchasing Russian oil is happening through PSO
Oil slides as recession fears offset US inventory draw
Oil slides as recession fears offset US inventory draw
Oil prices slide on uncertainty over global economic outlook, interest rate hikes
Brent crude slipped 48cents while U.S. West Texas Intermediate crude plunge 48cents
Guyana turns down crude oil export discounts to India
Guyana turns down crude oil export discounts to India
Oil falls 2% as dollar gains on potential Fed rate hike
Oil loadings from Russia's western ports in April will rise to the highest since 2019
Oil drops over 1% on higher dollar, interest rate concerns
Oil drops over 1% on higher dollar, interest rate concerns
Oil holds above $80 per barrel on OPEC+ cuts, traders eye China recovery
International Energy Agency forecast record demand in 2023 up to 101.9 million barrels per day
Oil steady after surprise build in U.S. crude stocks
The U.S. government will release its stockpile data at 10:30 a.m. (1430 GMT) on Wednesday
Decline in value of rupee, OGRA ask oil companies to provide details of loses
The move came out after the increase of oil prices in International markets
OPEC+ announces surprise oil output cuts, Brent crude up by more than $6
OPEC+ announces surprise oil output cuts which spurred the prices of Brent crude in intl. market
Oil plunges as dollar firms; market looks at Iraq exports
Brent crude futures dipped 37 cents, or 0.5%, to $77.91 a barrel at 0300 GMT
Oil plunges after Fed comments, US crude stock build
Brent crude futures fell 66 cents, or 0.9%, to $76.03 a barrel
Oil down after weekly US crude stocks exceed expectations
Brent futures were down 37 cents, or 0.5%, at $74.95 a barrel
Oil lower as banking turmoil holds down sentiment
Brent crude futures for May settlement dropped 71 cents, or 1%, trading at $73.08 per barrel
Oil tumbles over $2 on banking concerns, likely Fed rate hike
Brent crude futures for May settlement fell $2.32, or 3.2pc, to $70.65 a barrel at 0710 GMT
Oil rebounds 1pc as investors take stock of banking crisis
Brent crude futures rose by 81 cents to $75.51 a barrel by 0400 GMT
Oil regains some ground as Credit Suisse secures lifeline
Brent crude futures were up 58 cents or 0.8% to $74.27 per barrel
Govt increases petrol price by Rs5 per litre
Increases high speed diesel and kerosene oil prices too
Oil hits lowest in more than a year as banking fears mount
Oil hits lowest in more than a year as banking fears mount
Oil prices tumble $1 as SVB collapse spooks financial markets
Brent crude futures were down 87 cents, or 1.1pc, at $79.90 a barrel at 0345 GMT
Saudi Arabia raises Arab Light crude price to Asia for 2nd month in April
Saudi Arabia raises Arab Light crude price to Asia for 2nd month in April
Oil prices surge as China factory bounce boosts demand outlook
Brent crude futures for May rose 45 cents, 0.5%, to $83.90 a barrel at 0800 GMT
Oil steadies on China growth hopes
Brent crude futures for April , due to expire on Tuesday, gained 14 cents to $82.59 per barrel
Oil lower on firm dollar, market shrugs off Russian supply cuts
Both benchmarks closed more than 90 cents higher on Friday
Oil rises on China optimism, market shrugs off US inventory build
Brent crude futures rose 42 cents, or 0.5%, to $85.80 per barrel by 0352 GMT
Oil prices fall as US inventories jump fuels demand worries
Brent crude futures slid 72 cents, or 0.8%, to $84.86 per barrel by 0442 GMT
Oil prices plummet on US crude reserve release
Brent crude futures fell by 70 cents, or 0.81%, to $85.91 per barrel by 0256 GMT
Oil tumbles on demand concerns as impact of Russian output cut fades
Brent crude futures fell 69 cents to $85.70 a barrel by 0153 GMT after a 2.2% gain on Friday
Oil prices slip, but head for weekly gain despite US downturn fears
Brent crude futures declined 35 cents, or 0.4%, to $84.15 a barrel by 0400 GMT
Oil prices steady amid China demand revival, high US inventories
Brent crude futures gained 1 cent to $85.10 a barrel by 0446 GMT
Oil steady on subdued dollar, traders await more inventory data
Brent crude futures rose by one cent to $83.70 a barrel at 0405 GMT
Oil rises on China outlook, supply worries after Turkey earthquake
Brent crude futures rose 82 cents, or 1.01%, to $81.81 per barrel by 0300 GMT
Oil stable as market awaits signs of China demand recovery
Oil stable as market awaits signs of China demand recovery
Oil up after drone attack in Iran, China's pledge to promote consumption
Oil climbs after drone attack in Iran, China's pledge to promote consumption
Oil prices advance on US growth, Chinese recovery hope
Brent futures gained 30 cents, or 0.34 per cent, to $87.77 a barrel by 0321 GMT
Oil prices steady as market awaits more supply clarity
Brent crude futures dipped 4 cents, or 0.1pc, to $86.08 per barrel by 0400 GMT
Oil rebounds as China demand recovery optimism supports prices
Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT
Oil mixed as investors weigh China demand and US outlook
Brent crude was down 5 cents to $88.14 per barrel by 0436 GMT
Oil prices drift lower in early trade, but China outlook offers support
Brent crude futures was down by 46 cents, or 0.5 per cent, to $87.17
Stocks and oil prices dip on rekindled recession worries
Wall Street futures were pointing down 0.3pc, while while Benchmark 10-year US Treasury yields
Oil falls $1 on bearish US data, crude stocks build
Oil down $1 on bearish US data, crude stocks build
Oil prices extend gains on optimism over China's recovery
Brent crude futures firmed 63 cents, or 0.73pc, to $86.55 a barrel
Oil prices mixed amid weak China economic data, sustained hopes for 2023
Oil prices mixed amid weak China economic data, sustained hopes for 2023
Oil giant ExxonMobil accurately predicted global warming in 1970s
Climate models are "not competent," said his successor, Rex Tillerson.
Oil prices up on China demand optimism, Russian supply concerns amid sanctions
Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT
Oil prices plummet as US stockpiles rise, economic uncertainty renew demand concerns
U.S. West Texas Intermediate (WTI) crude futures decreased by 79 cents, or 1.1pc
Oil slips on concerns higher interest rates to crimp demand
Brent futures for March fell 33 cents to $79.32 a barrel, a 0.4% drop
Oil inches higher after China opens borders, lifts fuel demand outlook
Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel
Oil prices surge $1 on China's reopening optimism
Brent crude futures were 94 cents, or 1.2%, higher at $79.63 a barrel
Global oil prices bounce back after opening the year with steep losses
Brent crude futures gained 59 cents to $78.43 a barrel
Oil tumbles 4pc, trade choppy on worries about China, global economy
Brent futures for March delivery fell $3.81, or 4.4 per cent, to $82.10 a barrel
Oil slides after IMF says slowing global growth engines portend tougher 2023
Brent crude futures dropped 98 cents, or 1.1pc, to $84.93 a barrel
Oil set to close higher in 2022, a turbulent year marked by tight supplies
Oil set to close higher in 2022, a turbulent year marked by tight supplies
Oil prices ease, China Covid spike hurts demand outlook
Brent futures for February delivery fell 42 cents
Oil prices jump amid boost in demand from China
Brent futures for February delivery rose 31 cents to $84.64 a barrel
Oil prices rise on easing China Covid-19 curbs, concerns over US storm impact
Oil prices rise on easing China Covid-19 curbs, concerns over US storm impact
Oil rallies on tight US stocks as winter blast hits
Oil rallies on tight US stocks as winter blast hits
Oil prices rise as US crude stocks seen plummeting, dollar eases
Oil prices rise as US crude stocks seen plummeting, dollar eases
Oil prices edge up, but China Covid surge limits gains
Brent crude futures were up 24 cents, or 0.3%, at $80.04 a barrel
US set to become global crude oil exporting power in 2023
Sales of US crude to other nations are now a record 3.4 million barrels per day (bpd)
US begins buying back oil for strategic petroleum reserve
US begins buying back oil for strategic petroleum reserve
Oil soars, poised to end week higher despite economy concerns
Both benchmarks are poised to end the week more than 7 per cent higher.
Oil prices largely unchanged amid demand hopes, interest rate hike
Brent crude futures were up 1 cent at $82.71 per barrel.
Global oil prices dip on surprise build in US crude stocks
Brent crude futures dropped 38 cents, or 0.5%, at $80.30 per barrel.
Oil prices surge on US supply concerns, hopes for returning China demand
Brent crude futures rose 64 cents, or 0.8%, to $78.63 per barrel
Prices of essential items rocket at utility stores
A notification has also been issued to increase the prices.
Oil bounces near Dec 2021 lows as Keystone pipeline shuts
Brent crude futures were at $76.74 a barrel, up 59 cents
Oil prices surge following price cap on Russian crude, OPEC+ meeting
Oil prices surge following price cap on Russian crude, OPEC+ meeting
Opec+ likely to maintain oil output levels amid sanctions on Russia
Opec+ likely to maintain oil output levels amid sanctions on Russia
Oil prices inch higher on easing COVID curbs in China, firm dollar limits gains
Oil prices inch higher on easing COVID curbs in China, firm dollar limits gains
Oil slightly surges amid wrangling over Russian oil price cap
Brent crude futures inched up 13 cents, or 0.2%
Oil falls as supply-disruption fears ease amid Russian price cap talks
G7 price cap on Russian oil could be above current trading level.
