ISLAMABAD: Crude oil prices edged down on Thursday as strengthening dollar and travel restrictions due to Covid-19 raised concerns over global fuel demand. At 1535 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $63.92 a barrel after losing 0.65 percent. The US West Texas Intermediate (WTI) crude futures shed 0.82 percent to $60.64 a barrel. The price for Opec Basket was recorded at $62.48 a barrel with 0.19 percent decrease, Arab Light was available at $63.23 a barrel after an increase of 0.17 percent while price of Russian Urals remained unchanged at $42.22 a barrel. It is pertinent to mention that with Saudi Arabia’s voluntary reduction, the production cut of OPEC+ will reach 8.125 million barrels per day (bpd) for February and 8.05 million bpd in March, thus reducing output in February by 925,000 bpd and 850,000 bpd in March relative to output rates in January. TLTP
