ISLAMABAD: Crude oil prices inched down on Tuesday despite the International Energy Agency (IEA) raised its oil demand growth forecast for the year. As of 1230 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.14 (-0.17 percent) to reach $82.38 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went down by nine cents (-0.12 percent) to $78.17 a barrel. However, the price of Russian Sokol increased by $1.71 (+2.28 percent) to $76.82. Arab Light prices witnessed an increase of $1.88 (+2.21 percent) to reach $86.85 a barrel. On the other hand, the price for Opec Basket decreased to $83.22 a barrel with a decrease of $1.05 (-1.25 percent). 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. The IEA has raised its oil demand growth forecast for this year and the next on record demand in China and “resilient” US crude deliveries. TLTP
