ISLAMABAD: Crude oil prices edged lower for the second consecutive session on Tuesday as China’s ailing property sector sparked demand worries. As of 1250 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.60 (-0.73 percent) to reach $81.80 a barrel. Similarly, the WTI, the main oil benchmark for North America, went down by $0.52 (-0.68 percent) to $76.26 a barrel. Both Brent and WTI ended the last week higher by 6.35 percent and 6.27 percent, respectively. Brent rose to $83.55 a barrel from $78.56 a barrel last week, showing an increase of $4.99 on a week-on-week (WoW) basis. Similarly, WTI closed the week higher to $78.01 from $73.41 a barrel, registering a weekly increase of $4.60. Both benchmarks shed more than 10 percent in 2023 on a year-on-year basis. On the other hand, the price of Russian Sokol decreased by $0.88 (-1.14%) to $76.20. Arab Light prices witnessed a decrease of $0.62 (-0.74%) to reach $83.31 a barrel. Similarly, the price for Opec Basket increased to $83 a barrel with an uptick of $1.02 (+1.24 percent). TLTP
