Brent, WTI stay above $115 as oil rally continues


Crude oil prices surged on Tuesday after reports emerged that coronavirus cases in China are declining while the European Union’s diplomats and officials expressed optimism about reaching a deal on a phased embargo of Russian oil.

As of 1205 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.21 (+1.06 percent) to reach $115.45 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, increased to $115.28 a barrel, up by $1.08 (+0.95 percent).

The price for Opec basket was recorded at $113.07 a barrel with an increase of 0.62 percent.—TLTP

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