Crude price inch down but Brent hovers around $76


Global prices for crude oil inched down on Monday after hitting their highest level since October 2018 and coming close to breaching a seven-year record, as the global economy is picking up.

At 13:20 GMT, Brent, the international bench-mark for two-thirds of the world’s oil, shed 0.32 percent to reach $75.94 a barrel.

Similarly, the US West Texas Intermediate (WTI) reached $73.82, down 0.31 percent. The price for Opec Basket was recorded at $74.09 a barrel with 0.11 percent increase, Arab Light was available at $75.07 a barrel with 0.48 percent increase, while the price of Russian Sokol reached $75.25 after gaining 0.49 percent.

According to analysts, crude prices climbed to their highest since October 2018 on expectations that demand growth will outstrip supply and OPEC+ will be cautious in returning more crude to the market from August. —Agencies

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