Oil Prices, Stocks Edge Up after COVID-19 Vaccination Programs

Syed Umarullah HussainiWeb Editor

01st Feb, 2021. 12:24 pm
Oil Prices

Oil prices in the internal market edged up higher on the first day of the business week as the countries continued to expand vaccination programs against coronavirus, and despite new cases and rise of new variants of the infection.

According to the media reports, the international benchmark Brent crude was trading up 0.6 percent at 55.39 per barrel, at 7 a.m. Riyadh time.

WTI crude rose 0.4 percent to $52.41 a barrel.

Moreover, the Asian stock markets also rose Monday after COVID-19 vaccine maker AstraZeneca agreed to increase supplies to Europe amid rising worries about the killer virus.

The Shanghai Composite Index rose 0.1% to 3,486.46 and the Nikkei 225 in Tokyo added 1.4% to 28,041.27. Whereas the Hang Seng in Hong Kong gained 1.9% to 28,822.61.

The Kospi in Seoul surged 2.2% to 3,042.19 and Sydney’s S&P-ASX 200 added 0.8% to 6,661.70.

India’s Sensex opened down 0.2% at 46,759.42. New Zealand and Singapore declined while Bangkok and Jakarta advanced.

Here in Pakistan, the buying rate of the US dollar was Rs159.8, while its selling rate was Rs160.75 on Monday, February 1 at the opening of the currency market.

Moreover, a single tola of 24-karat gold in Pakistan was sold for Rs112, 950 on Monday, February 1, at the opening of the bullion market.

Likewise, 10 grams of 24k gold was sold for Rs96, 836 at the opening of trading.

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