Oil prices rise over 2pc on supply concerns


ISLAMABAD: Crude oil prices rose over two percent on Thursday amid supply concerns. As of 1405 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $2.42 (+2.27 percent) to reach 109.22 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, jumped to $104.73 a barrel, up by $2.54 (+2.49 percent). The price for Opec basket was recorded at $107.97 a barrel with a decrease of 2.31 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. TLTP