ISLAMABAD: Crude oil prices surged on Tuesday after reports emerged that coronavirus cases in China are declining while the European Union’s diplomats and officials expressed optimism about reaching a deal on a phased embargo of Russian oil. As of 1205 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.21 (+1.06 percent) to reach $115.45 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, increased to $115.28 a barrel, up by $1.08 (+0.95 percent). The price for Opec basket was recorded at $113.07 a barrel with an increase of 0.62 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. TLTP
