ISLAMABAD: Crude oil prices edged up on Monday over reports of increased oil demand in the second half of the current year. As of 1310 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.25 (+0.33 percent) to reach $75.83. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.25 (+0.35 percent) to $71.80. The price of Russian Sokol decreased by $1.79 (-2.66 percent) to $65.40. Similarly, Arab Light prices witnessed a decrease of $1.66 (-2.14 percent) to reach $75.97 a barrel. The price for Opec Basket increased by $0.84 (+112 percent) to $76.06. 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. Oil prices moved both ways on Monday amid US debt ceiling talks and lower crude supplies from Canada and OPEC+ producers. Discussions to avert a default on the US debt were set to resume in Washington, as the prospect of a default and resulting possible economic downturn and cooling of fuel demand continued to impact investor sentiment. TLTP
