ISLAMABAD
\nCrude oil prices extended their losing spree for the third day after disappointing manufacturing data from China and a strong US dollar kept the market under pressure on Wednesday.
\nAs of 1340 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed $0.86 (-1.17 percent) to reach $72.68. The West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $0.91 (-1.31 percent) to $68.55.
\nWTI crude oil futures sank amid concerns about opposition to the U.S debt ceiling deal. WTI and Brent were on track to post a seventh month of monthly declines of more than 9% and 11%, respectively.
\nThe price of Russian Sokol decreased by $3.09 (-4.71 percent) to $62.53. Arab Light prices witnessed a decrease of $2.82 (-3.64 percent) to reach $74.74 a barrel.
\nThe price for Opec Basket decreased by $0.06 (-0.08 percent) to $76.88. 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.
\nFresh macroeconomic data out of China released early on Wednesday weighed on market sentiment. China\u2019s purchasing managers\u2019 index (PMI) dropped in May to a five-month low of 48.8, pointing to a sharper-than-expected contraction in factory activity. Manufacturing activity was below estimates for a second consecutive month, raising again concerns about oil demand in the world\u2019s top crude importer.
\nOn the other hand, OPEC+ member states are sending mixed signals before their meeting this Sunday and this is keeping the oil markets on the edge. The oil companies have been restarting operations amid slowing wildfires in Canada\u2019s most oil-prolific province Alberta, with at least 90,000 barrels per day of the 400,000 barrels per day of previously shut-in production now back.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Crude oil prices extended their losing spree for the third day after disappointing manufacturing data from China and a strong US dollar kept the market under pressure on Wednesday. As of 1340 hours GMT, Brent, the international benchmark for two-thirds of the world\u2019s oil, shed $0.86 (-1.17 percent) to reach $72.68. The West Texas […]<\/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-334693","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n