Oil prices remain upward as European economy reopens

28
Islamabad

Crude oil futures started the week on a positive note on Monday as reopening of European economy offsets gloom from surging Covid-19 cases in India and other Asian countries.

At 1350 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $69.04 a barrel after gaining 0.48 percent.

Likewise, the US West Texas Intermediate (WTI) crude futuresmade 0.63 percent gain to reach $65.78 a barrel.

The price for Opec Basket was recorded at $66.57 a barrel with 2.39 percent decrease, Arab Light was available at $67.85 a barrel with 2.43 percent increase while price of Russian Sokol increased 1.89 percent to reach $68.39 a barrel.

The British economy reopened on Monday, giving 65 million people a measure of freedom after the gloom of a four-month Covid-19 lockdown.

With accelerating vaccination rates, France and Spain have eased Covid-related restrictions in recent weeks.—TLTP