Oil prices lose stream after hitting multi-year highs

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Crude oil prices went down by over one percent on Wednesday after hitting the multi-year high levels during the last two days.

At 1305 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.86 (-1.04 percent) to reach $81.70 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $78.06 a barrel, down by $0.87 (-1.10 percent).

The price for Opec Basket was recorded at $78.25 a barrel with 2.48 percent increase, Arab Light was available at $81.15 a barrel with a 1.48 percent increase, while the price of Russian Sokol jumped to $82.08 after gaining 2.34 percent. —TLTP

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