ISLAMABAD: Crude oil prices for two major benchmarks dipped over 2 percent last week after rallying 8pc in the preceding week. According to details, Brent, the international benchmark for two-thirds of the world’s oil, shed 2.17 percent during the week to reach $73.52 from $75.15 a barrel. The low for the week reached $72.87 on Friday. The high for the week was on Monday near $74.39. Similarly, the US West Texas Intermediate (WTI) reached $70.86 from $71.67, down by 1.13 percent during the week. The low for the week reached $69.37 on Wednesday. The high for the week was on Monday and Thursday near $72.97. During the week, price for Opec Basket decreased 0.57 percent to $74.66 from $75.09, Arab Light price increased 0.68 percent to $75.72 from $75.21, while the price of Russian Sokol went up by 0.26 percent to $75.91 from $75.71 a barrel. Oil prices have eroded between 50-60 percent of their post-Omicron emergence decline. Overall, the price action this week was down, up and back down again with the price settling below the middle of the trading range and the moving averages. TLTP
