Crude prices keep upward momentum with Brent nearing $76

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Islamabad

Global prices for crude oil went up on Friday after facing pressure in the early trading, settling at their highest levels since October 2018.

At 14:50 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 0.17 percent to reach $75.69 a barrel.

Similarly, the US West Texas Intermediate (WTI) reached $73.56, up 0.35 percent. The price for Opec Basket was recorded at $74.01 a barrel with 1.20 percent increase, Arab Light was available at $74.71 a barrel with 0.05 percent increase, while the price of Russian Sokol reached $74.88 after shedding 0.09 percent.According to analysts, oil prices have been supported in recent weeks, benefiting from the ongoing decline in global oil inventories as oil demand continues to grind higher, although unevenly.

With larger oil inventory declines ahead, there is expectation that oil prices will keep moving higher during the third quarter of this year, they said.—TLTP

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