ISLAMABAD: Crude oil prices inched up on Friday and headed for a weekly gain amid an improved demand outlook in the United States and China, the world’s two largest economies. As of 1340 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.04 (+0.05 percent) to reach $83.31 a barrel. Brent touched an intra-day low of $81.05 on Wednesday, the lowest the front-month futures contract has traded since February 26. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.02 (+0.03 percent) to $79.25 a barrel. On the other hand, the price of Arab Light increased by $0.91 (+1.06 percent) to reach $86.78 a barrel.
Similarly, the price of Russian Sokol increased by $0.91 (+1.18 percent) to $77.72 a barrel. On the other hand, the price for Opec Basket decreased by $0.13 (-0.16 percent) to $82.95 a barrel.
