ISLAMABAD: Crude oil prices edged lower on Monday after making their biggest weekly gain of over 6 percent since October last week as fears about the Red Sea supply disruptions continue to rise on mounting tension in the Middle East. As of 1405 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.61 (-0.73 percent) to reach $82.94 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $0.56 (-0.72 percent) to $77.45 a barrel. Both Brent and WTI ended the last week higher by 6.35 percent and 6.27 percent, respectively. Brent rose to $83.55 a barrel from $78.56 a barrel last week, showing an increase of $4.99 on a week-on-week (WoW) basis. Similarly, WTI closed the week higher to $78.01 from $73.41 a barrel, registering a weekly increase of $4.60. TLTP
