Oil prices continued to trade lower on demand concerns and ended the week at three-month low level, as the Covid-19 delta variant spreads across the globe, forcing governments to introduce movement restrictions and other preventive measures.
Brent, the international benchmark for two-thirds of the world’s oil, shed $1.27 (-1.97 percent) to reach $65.18 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $62.14, down by $1.36 (-2.14 percent).
The prices for both benchmarks, Brent and WTI, have hit the current level for the first time since May 20.
The price for Opec Basket was recorded at $66.08 a barrel with 4.78 percent decrease, Arab Light was available at $67.77 a barrel with 0.86 percent decrease, while the price of Russian Sokol slipped to $66.45 after shedding 0.76 percent. —TLTP