Brent nears $106 as crude prices rise on supply concerns

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Crude oil prices snapped a two-day losing streak and rose over 3 percent on Wednesday over supply concerns.

As of 1240 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $3.45 (+3.37 percent) to reach 105.91 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, increased to $103.45 a barrel, up by $3.69 (+3.70 percent). Both contracts fell around 10 percent during the previous two sessions.

The price for Opec basket was recorded at $108.18 a barrel with a loss of 3.82pc. The OPEC Reference Basket of Crudes is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.—TLTP

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