WTI crosses $65 mark on positive optimism

15
Islamabad

Crude oil prices continued upward trend on Tuesday as optimism about a strong rebound in fuel demand overshadowed growing concerns of a full lockdown in India, the second largest importer of oil.

At 1330 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $68.59 a barrel after gaining 1.52 percent.

Likewise, the US West Texas Intermediate (WTI) crude futures gained 1.43 percent toreach $65.41 a barrel.

The price for Opec Basket was recorded at $65.42 a barrel with 0.44 percent decrease, Arab Light was available at $67.25 a barrel with 2.55 percent increase while price of Russian Sokol increased 2.32 percent to reach $67.01 a barrel.

Recently, some investment banks have predicted that crude oil prices could hit $80-$85 in the second half of this year, as Europe, and many other regions, emerge out of lockdowns and as intercontinental aviation starts to pick up gain. —TLTP

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