Crude prices rally following election of Iran’s new president


Global crude prices continued to rally on Monday amid amid renewed confidence in a global economic recovery.

At 13:45 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 0.18 percent to reach $73.64 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $72.09, up .63 percent.

The price for Opec Basket was recorded at $72.29 a barrel with 1.19 percent decrease, Arab Light was available at $72.93 a barrel with 1.29 percent increase, while price of Russian Sokol reached $73.73 after gaining 1.29 percent.

Iraq, Opec’s second-biggest producer, expects oil prices to reach $80 per barrel as the energy market stabilises.

“We are optimistic about the rise in prices, but we are counting on its stability,” expecting that “prices will exceed $70 and reach $80 per barrel”, Aseem Jihad, a spokesman for the oil ministry told Iraqi News Agency. —Agencies

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