ISLAMABAD: Crude oil prices edged lower on Thursday and retreated from near a 2024 high hit a session earlier, amid reports that US interest rate cuts could be delayed. As of 1350 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.55 (-0.66 percent) to reach $82.41 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $0.58 (-0.73 percent) to $78.55 a barrel. On the other hand, the price of Arab Light increased by $0.68 (+0.82 percent) to reach $83.50 a barrel. Similarly, the price of Russian Sokol increased by $0.67 (+0.89 percent) to $75.93. However, the price for Opec Basket decreased to $82.31 a barrel with a dip of $1.07 (-1.28 percent). Federal Reserve Chair Jerome Powell said on Wednesday that continued progress on inflation was not assured, though the US central bank still expects to reduce its benchmark interest rate this year. On the other hand, China’s import and export growth beat estimates, suggesting global trade is turning a corner in a positive signal for policymakers as they try to shore up economic recovery. TLTP
