ISLAMABAD: Crude oil prices remained elevated on Friday amid supply concerns on news that the European Union might phase in a ban on Russian oil imports. As of 1250 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $2.92 (+2.68 percent) to reach 111.70 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, jumped to $106.95 a barrel, up by $2.70 (+2.59 percent). Arab Light was available at $116.64 a barrel with an increase of 3.31 percent and the price of Russian Sokol jumped to $102.20 a barrel with a 3.54 percent increase. TLTP
\nThe price for Opec basket was recorded at $106.07 a barrel with an increase of 3.57 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.
\nOil stocks in the US rose by more than 9 million barrels last week, the US Energy Information Administration said on Wednesday, driven in part by releases from the nation\u2019s strategic reserves.
\nAccording to experts, oil will remain a volatile trade, but it seems energy traders are growing more confident that supply shortages are just around the corner. They said that there isn\u2019t unanimity on the part of the EU so far on whether they will fully move to cut out Russian crude flows but the market may price in that as an eventuality.
\nRussia is the world\u2019s second-largest energy exporter. It accounts for about 10 percent of the world\u2019s energy output, including 17 percent of its natural gas and 12 percent of its oil. It supplies about 40 percent of Europe\u2019s gas, while Russian crude accounts for about 3 percent of US oil imports, equal to about 200,000 barrels a day. Russian imports account for 8 percent of total UK oil demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: Crude oil prices remained elevated on Friday amid supply concerns on news that the European Union might phase in a ban on Russian oil imports. As of 1250 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, gained $2.92 (+2.68 percent) to reach 111.70 a barrel. The West Texas Intermediate (WTI), […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[],"class_list":{"0":"post-255287","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n