Economics & Business

Oil hit $130.05 as dollar falls; KSE gains 71 points amid oil buying

KARACHI: Oil prices hit a record hitting up 130.05 dollars a barrel on Wednesday. The unprecedented soaring oil prices are due to the prevailing anxiety about stretched supplies in the face of strong demand for energy, and the downward trend of dollar in the international currency market, said the traders.

Karachi Stock Exchange gained 71 points following mass buying of oil stocks against the soaring international oil prices here Wednesday. Institutional interest was seen reviving in the market Wednesday. Investor interest was renewed by surging international oil prices.-SANA

About the author

Rubab Saleem

Rubab Saleem is Editor of Pakistan Times

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