WTI nears $76 as crude prices hit new highs

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Global prices for crude oil surged for the third straight day on Thursday as as reports started to emerge that OPEC and its non-OPEC partners led by Russia are discussing another gradual increase in oil supply of two million barrels per day (bpd) between August and December.

At 14:05 GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained 2.48 percent to reach $76.47 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $75.89, up 3.29 percent.

The price for Opec Basket was recorded at $73.34 a barrel with 0.68 percent decrease, Arab Light was available at $73.85 a barrel with 1.07 percent decrease, while the price of Russian Sokol reached $73.94 after shedding 0.88 percent.—Agencies

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