Crude prices move upward on supply concerns


Crude oil futures traded higher on Wednesday amid concerns that global oil markets will remain in defi-cit after a draw in crude oil inventories of 4.728 million barrels for the week ending July 23 was reported against expectation of 3.433 million barrels for the week.

At 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.31 (+0.42 percent) to reach $74.79 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $72.03, up by $0.38 (+0.53 percent).

The price for Opec Basket was recorded at $73.03 a barrel with 4.43 percent increase, Arab Light was available at $75.04 a barrel with 0.12 percent de-crease, while the price of Russian Sokol reached $74.50 after shedding 0.11 percent.—TLTP

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