Brent nears $76 a barrel

Observer Report

Crude oil price continued its winning streak for the second straight day on Wednesday due to supply concerns as hurricane Ida caused damage to the US offshore facilities.

At 1345 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.32 (+1.78 percent) to reach $75.68 a barrel. Similarly, the US West Texas Intermediate reached $71.73 a barrel, up by $1.24 (+1.76 percent).

The price for Opec Basket was recorded at $73.47 a barrel with 0.90 percent decrease, Arab Light was available at $74.44 a barrel with a 0.98 percent in-crease, while the price of Russian Sokol jumped to $74.70 after gaining 1.03 percent.

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