Islamabad
Crude oil prices dipped on Thursday; however, both the global benchmark indices kept the multi-year high levels intact.
At 1310 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.77 (-0.90 percent) to reach $85.15 a barrel.
Similarly, the US West Texas Intermediate (WTI) reached $82.97 a barrel, down by $0.45 (-0.54 percent).
The price for Opec Basket was recorded at $83.48 a barrel with a 0.07 percent decrease, Arab Light was available at $83.75 a barrel with a 1.12 percent increase, while the price of Russian Sokol slipped to $86.53 after gaining 1.12 percent.
Meanwhile, Kuwait News Agency (KUNA) reported on Thursday that Kuwait has begun increasing its crude oil production in accordance with the OPEC+ agreement.
Commenting on its development, Kuwait’s oil minister said that their plan to increase crude oil production covers the shared zone with Saudi Arabia.
On the other hand, oil prices also faced bearish trend after Beijing said that it is looking for ways to bring high coal prices down and will ensure that coal mines operate at full capacity, this will further reduce pressure on oil.—TLTP
