Crude prices remain mixed despite strengthening dollar

27
Islamabad

Global crude prices remained mixed on Thursday amid better forecasts for fuel demand after reopening of world economies and a drop in US crude inventories.

At 13:50 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 0.17 percent to reach $74.26 a barrel. However, the US West Texas Intermediate (WTI) reached $72.17, up 0.03 percent.

The price for Opec Basket was recorded at $71.99 a barrel with 0.95 percent increase, Arab Light was available at $73.41 a barrel with 0.93 percent decrease, while the price of Russian Sokol reached $74.47 after shedding 0.51 percent.

According to experts, crude prices remained mixed as the US dollar strengthened after the US Federal Reserve signalled it might raise interest rates faster than expected, but losses were limited by a big drop in US crude oil inventories. They said that energy markets became so fixated over a robust summer travel season and Iran nuclear deal talks that they somewhat got blind-sided by Fed’s hawkish surprise.—Agencies

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