Crude prices jump over 1pc on supply concerns

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Islamabad

Crude oil prices recovered on Wednesday after falling for two straight days due to ongoing high production outages in the Gulf of Mexico.

At 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.94 (+1.31 percent) to reach $72.60 a barrel. Sim ilarly, the US West Texas Intermediate (WTI) reached $69.36 a barrel, up by $0.1.01 (+1.48 percent).

The price for Opec Basket was recorded at $72.58 a barrel with 1.31 percent increase, Arab Light was available at $71.05 a barrel with a 0.98 percent decrease, while the price of Russian Sokol slipped to $71.41 after shedding 0.86 percent.—TLTP

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