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[ad_1] HONG KONG: Oil prices soared almost six per cent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. The West Texas Intermediate contract jumped 5.74 per cent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42. [ad_2] Source link https://worldnews2023.com/business/oil-prices-soar-almost-6-after-opec-output-cut-times-of-india/?feed_id=308279&_unique_id=668006a4c7306

[ad_1] KARACHI: Pakistan Stock Exchange (PSX) maintained its upward march and broke records in the outgoing week when it climbed over 2,000 points as investors cheered reports of encouraging economic and earnings outlook and expected release of the second loan tranche of $700 million by the International Monetary Fund (IMF). A key event was the easing of weekly inflation, measured by the Sensitive Price Indicator (SPI), by 0.06%, which boosted investors’ confidence. During the week, the KSE-100 index crossed the 59,000-point barrier for the first time in history and touched record highs. Among worrying factors for investors was the rupee’s continuous topsy-turvy movement, shrinking foreign exchange reserves and gas tariff hike. At the beginning of the week, the bourse closed with marginal gains amid a range-bound session as uncertainties surrounding the potential hike in industrial gas and power tariffs weighed on investors’ mind, though weaker global crude oil prices prov...