ISLAMABAD: Crude oil price continued its winning streak for the second straight day on Wednesday due to supply concerns as hurricane Ida caused damage to the US offshore facilities. At 1345 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.32 (+1.78 percent) to reach $75.68 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $71.73 a barrel, up by $1.24 (+1.76 percent). The price for Opec Basket was recorded at $73.47 a barrel with 0.90 percent decrease, Arab Light was available at $74.44 a barrel with a 0.98 percent increase, while the price of Russian Sokol jumped to $74.70 after gaining 1.03 percent. Meanwhile, Suhail Al Mazrouei, UAE minister of energy, has said that Opec+ will stick to its plan to incrementally bring 2 million barrels per day back to the markets by the end of the year. “I think that if things move as they are, of course that’s a group decision, not a single country’s decision, but I don’t see any reason why we shouldn’t continue with the plan,” Mazrouei told reporters at an event in Dubai. TLTP
