Crude oil prices surged around 4 percent on Wednesday due to supply concerns stemming from expected sanctions on Russian oil.
As of 1310 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $4.49 to reach 119.97 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, jumped to $113.40 a barrel, up by $4.13. The price for Opec basket was recorded at $114.60 a barrel with an increase of 0.69 percent.
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