ISLAMABAD: The oil prices fell for the second straight day on Friday amid a rise in US crude and fuel inventories. The American Petroleum Institute reported that inventory build will be 1.404 million barrels this week after analysts predicted a draw of 1.367 million barrels. As of 1410 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed $0.56 (-0.63 percent) to reach $87.82 a barrel. On the other hand, the US West Texas Intermediate (WTI) price reached $85.16 a barrel, down by $0.39 (-0.46 percent). TLTP
\nThe price for Opec Basket was recorded at $88.50 a barrel with a gain of 0.48 percent, Arab Light was available at $86.64 a barrel with a decrease of 1.77 percent and the price of Russian Sokol slipped to $88.82 a barrel with a decrease of 1.52 percent.
\nFears over tightening supply, meanwhile, have been easing in recent days as disruptions in Kazakhstan and Libya, as well as explosions to a pipeline carrying oil from Northern Iraq to the Mediterranean port of Ceyhan, were fixed.
\nAccording to experts, after gaining more than 20 percent in value over a 5-week rally that saw it touch highs not seen since October 2014, oil prices looked increasingly ripe for profit-taking and were prone to a correction at some point. They said that investors, who are nervous over impending US rate hikes and the economic impact of the Omicron, have been selling off stocks. They said that most of the analysts now expect four rate hikes from the US Fed this year, with some calling for as much as eight hikes before the year is over.
\nHowever, they expect the longer-term direction for crude oil prices to be upward, as a continued recovery in oil demand and failure by several OPEC members to boost output means that the oil market will remain tight for some time.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: The oil prices fell for the second straight day on Friday amid a rise in US crude and fuel inventories. The American Petroleum Institute reported that inventory build will be 1.404 million barrels this week after analysts predicted a draw of 1.367 million barrels. As of 1410 hours GMT, Brent, the international benchmark for […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-240007","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n