ISLAMABAD: Oil prices fell around 1.5 percent on Wednesday amid concerns over China’s growth, the world’s largest crude importer, and falling US crude stocks. As of 1310 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $1.19 (-1.42 percent) to reach $82.84 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $1.19 (-1.49 percent) to $78.45 a barrel. Similarly, the price of Russian Sokol decreased by $0.38 (-0.48 percent) to $78.59. Arab Light prices witnessed a decrease of $0.05 (-0.06 percent) to reach $88.39 a barrel. On the other hand, the price for Opec Basket increased by $1.12 (+1.3 percent) to $87.58. 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 came down amid concerns about China’s growth and Federal Reserve’s interest rate hike. The oil market is being driven by limited supply and Chinese demand expectations. These days, the Chinese demand expectations are very much in focus, which could help the oil bears take advantage for selling the recent rally in oil prices. China’s economic recovery has lost momentum mainly due to a deepening property slump and weak consumer spending. TLTP
