ISLAMABAD: Oil futures extended the upside for the third week in a row with a weekly gain of around 2 percent, underpinned by supply disruptions and a tightening global market. Both major global benchmarks Brent and West Texas Intermediate (WTI) ended the week higher, with Brent gaining 1.78 percent and WTI going up by 2.11 percent. Brent, the international benchmark for two-thirds of the world’s oil, rose to $79.87 from $78.47 a barrel, showing a gain of $1.40 on a week-on-week (WoW) basis. The WTI, the main oil benchmark for North America, edged up to $75.42 from $73.86 a barrel on a weekly basis, registering a weekly gain of $1.56. Similarly, the price of Russian Sokol increased by $3.99 (+5.87 percent) to $71.96 from $67.97 on WoW basis. TLTP
