WTI, Brent stay above $112 as oil prices inch up

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Crude oil futures remained range-bound on Friday, caught between focusing on tight monetary policy driving an economic slowdown and a tightening global fuel-product market.

As of 1255 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.24 (+0.21 percent) to reach $112.28 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, increased to $112.34 a barrel, up by $0.13 (+0.12 percent).

The price for Opec basket was recorded at $112.04 a barrel against $114.94 a barrel a session earlier, showing a decrease of 2.52 percent.—TLTP

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