ISLAMABAD: Global crude oil prices dropped to their lowest levels since the start of October due to a surge in Covid cases in Europe and the US as well as Japan’s decision to release the country’s reserve stocks of oil evoked demand concerns. At 1610 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.29 (-0.37 percent) to reach $78.60 a barrel. Similarly, the US West Texas Intermediate (WTI) price reached $75.71 a barrel, down by $0.23 (-0.30 percent). The price for Opec Basket was recorded at $79.37 a barrel with a decrease of 2.13 percent, Arab Light was available at $78.93 with a 3.83 percent decrease, and the price of Russian Sokol slipped to $80.74 with a decrease of 3.74 percent. TLTP
