WTI crosses $71 mark as oil rallies for third day

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Islamabad

Crude oil prices went up for the third straight session on Tuesday amid supply concerns and increase in global demand.

At 1340 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.56 (+0.76 percent) to reach $74.07 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $71 a barrel, up by $0.55 (+0.78 percent).

The price for Opec Basket was recorded at $71.98 a barrel with 0.22 percent increase, Arab Light was available at $73.42 a barrel with a 0.64 percent increase, while the price of Russian Sokol jumped to $74.28 after gaining 0.26 percent.

According to experts, the rally in crude oil futures could resume again and even hit $100 depending how cold it gets, according to Bank of America analysts.

They said that increased production from Saudi Arabia and other OPEC+ members have offset improving demand.

“Notwithstanding the occasional oil price war, OPEC+ is acting again to stabilise oil prices as it has done historically,” said the analysts. Separately, commodity strategists at Goldman Sachs say oil could “rally significantly.—TLTP

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