ISLAMABAD: Crude oil futures rallied for the ninth consecutive day following the announcement of a partial EU ban on Russian oil imports. As of 1740 hours GMT on Tuesday, the price of Brent, the international benchmark for two-thirds of the world’s oil, surged by $1.84 (+1.51 percent) to $123.51. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $3.70 a barrel (+3.22 percent) to $118.77. July-loading contracts of Brent and WTI are set to end May as the sixth straight month of rising prices. The price for Opec Basket increased from $118.84 to $120.01, showing an increase of $1.17 (+0.98 percent). 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. The price of Russian Sokol increased to $108.34 a barrel with a 2.81 percent gain and Arab Light prices witnessed an increase of 3.03 percent to reach $119.84 a barrel. TLTP
Indian oils imports from Russia rise to 34m barrels
MOSCOW: India has received 34 million barrels of discounted Russian oil since February, more than 10 times the value of the total imports from the country year-on-year. TLTP
