ISLAMABAD: Oil prices pared some losses of the previous session on Thursday as traders turned their attention to China which is set to announce May retail sales figures as well as industrial production data. As of 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.94 (+1.28 percent) to reach $74.14 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.89 (+1.30 percent) to $69.16 a barrel. The price of Russian Sokol, however, decreased by $0.81 (-1.24 percent) to $64.48. Arab Light prices witnessed a decrease of $0.87 (-1.13 percent) to reach $75.92 a barrel. However, the price for Opec Basket inched up by $0.1 (+0.14 percent) to $73.06. 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. TLTP
