Crude prices inch up on demand recovery in China


Crude oil prices inched up on Wednesday over re-ports that China’s demand for spot crude is recovering after nearly five months of slower purchases.

At 1300 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.05 (+0.07 percent) to reach $71.68 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $68.51 a barrel, up by $0.01 (+0.01 per-cent).

The price for Opec Basket was recorded at $71.48 a barrel with 1.03 percent increase, Arab Light was available at $72.71 a barrel with 2.15 percent de-crease, while the price of Russian Sokol slipped to $71.62 after shedding 1.19 percent. —TLTP

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