ISLAMABAD: Oil futures surged for the second straight week to hit nine-month highs as tightening crude supplies helped offset concerns about China’s economy and turn traders’ attention to OPEC+ supply policy. Both major global benchmarks Brent and West Texas Intermediate (WTI) ended the week higher by 2.37 percent and 2.29 percent, respectively. Brent, the international benchmark for two-thirds of the world’s oil, jumped to $90.65 from $88.55 a barrel, showing an increase of $2.10 on a week-on-week (WoW) basis. West Texas Intermediate (WTI), the main oil benchmark for North America, edged up to $87.51 from $85.55 a barrel on a weekly basis, registering a weekly gain of $1.96. On the other hand, Arab Light prices witnessed an increase of $2.42 (+2.66 percent) to reach $93.39 from $90.97 a barrel on a weekly basis. Similarly, the price for Opec Basket increased to $92.97 from $88.44 on a week-on-week basis, showing a gain of $4.53 (+5.12 percent). TLTP
