Karachi April 18 2022: Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) gain 7.22 percent and 7.5 percent to trade at PKR 87.8 and PKR 79.0 here on Monday 18th April 2022 as oil prices near three weeks high on supply concerns.
Oil prices climbed to nearly three-week highs on Monday as fears over tight global supply grew, with the deepening crisis in Ukraine raising the prospect of heavier sanctions by the West on top exporter Russia.
Brent futures were up $1.09, or 1.0%, at $112.79 a barrel at 0445 GMT, after hitting its highest since March 30 of $113.80 earlier in the session.
U.S. West Texas Intermediate futures rose $1.00, or 0.9%, to $107.95 a barrel, having gained to as high as $108.55, the highest since March 30.
The International Energy Agency had warned that roughly 3 million barrels per day (bpd) of Russian oil could be shut in from May onwards due to sanctions, or buyers voluntarily shunning Russian cargoes.
Russian oil production has continued to slide in April, declining by 7.5% in the first half of the month from March, the Interfax news agency reported on Friday.
