ISLAMABAD: Oil prices increased for the fourth day in a row on Friday due to a large draw in crude inventories in the US and production cuts by OPEC+. As of 1125 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.19 (+1.37 percent) to reach $88.02 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $1.17 (+1.40 percent) to $84.80 a barrel. Similarly, the price of Russian Sokol increased by $1.10 (+1.37 percent) to $81.31. Arab Light prices witnessed an increase of $0.78 (+0.86 percent) to reach $90.97 a barrel. On the other hand, the price for Opec Basket increased by $0.67 (+0.77 percent) to $87.76. The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey. TLTP
