ISLAMABAD: The oil prices remained positive for the second day in a row on Wednesday on supply concerns. As of 1405 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $1.46 (+1.66 percent) to reach $89.66 a barrel. On the other hand, the US West Texas Intermediate (WTI) price reached $86.89 a barrel, up by $1.29 (+1.51 percent). The price for Opec Basket was recorded at $87.98 a barrel with an increase of 0.59 percent, Arab Light was available at $87.49 a barrel with an increase of 1.18 percent and the price of Russian Sokol jumped to $89.63 a barrel with 1.08 percent increase. TLTP
\nOil prices rose amid concerns that supplies could become tight due to Ukraine-Russia tensions, threats to infrastructure in the United Arab Emirates and struggles by Opec+ to hit its targeted monthly output increase. The American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 872,000 barrels after analysts predicted a draw of 400,000 barrels. In the week prior, the API reported a build in crude oil inventories of 1.404 million barrels after analysts had predicted a draw of 1.367 million barrels.
\nThe US oil production, meanwhile, continues to climb. For the week ending January 14 – the last week for which the Energy Information Administration has provided data – crude oil production in the United States held fast at 11.7 million bpd. This is down 1.4 million bpd from the pre-pandemic era. However, this follows a combined build in gasoline inventories of over 18 million barrels for the previous two weeks.
\nGlobal oil demand has held resilient during the Omicron wave so far, prompting the International Energy Agency (IEA) to revise higher its 2022 demand growth estimate by 200,000 barrels per day (bpd) last week.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: The oil prices remained positive for the second day in a row on Wednesday on supply concerns. As of 1405 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $1.46 (+1.66 percent) to reach $89.66 a barrel. On the other hand, the US West Texas Intermediate (WTI) price reached $86.89 […]<\/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-241007","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n