Islamabad
Crude oil prices edged up on Friday as economic growth picks up and lockdowns ease in the United States and Europe.
At 1215 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $65.51 a barrel after gaining 0.17 percent. Likewise, the US West Texas Intermediate (WTI) crude futures gained 0.42 percent toreach $61.69 a barrel.
The price for Opec Basket was recorded at $64.02 a barrel with 2.05 percent decrease, Arab Light was available at $64.64 a barrel with 0.73 percent increase while price of Russian Sokol increased 0.68 percent to reach $64.81 a barrel.
The US refiner Valero said gasoline and diesel demand are back to 93 percent and 100 percent of the levels they were at before the pandemic, with chief commercial officer Gary Simmons saying the company is pretty bullish on gasoline going forward. Improving conditions in Europe also buoyed sentiment. —TLTP
