Brent, WTI prices decrease over one percent

18
Islamabad

Crude oil futures went down more than one percent on Tuesday due to trimming of positions by traders amid weak spot demand.

At 1330 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $67.34 a barrel after shedding 1.60 percent.

Likewise, the US West Texas Intermediate (WTI) crude futuresshed 1.76 percent to reach $63.78 a barrel.

The price for Opec Basket was recorded at $66.57 a barrel with 2.39 percent decrease, Arab Light was available at $67.17 a barrel with 1.58 percent decrease while price of Russian Sokol decreased 1.58 percent to reach $66.81 a barrel.

Brent crude has risen over 30 percent this year due to supply cuts by the Organisation of the Petroleum Exporting Countries and allies, known as OPEC+, and easing coronavirus movement restrictions in the United States and Europe.—TLTP