Brent falls to $107 as oil slips for second day

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Crude oil prices remained on the downward slide for the second day in a row on Thursday on supply uncertainties as the European countries failed to agree to ban Russian oil exports in the face of opposition from Hungary.

As of 1240 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $1.93 (-1.77 percent) to reach $107.18 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, decreased to $106.60 a barrel, down by $2.99 (-2.73 percent).

The price for Opec basket was recorded at $114.94 a barrel with a decrease of 1.93 percent. —TLTP

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