WTI remains below $70 mark despite uptick in price

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ISLAMABAD: Crude oil prices edged up on Thursday after falling to a five-month low in the previous session amid concerns over slow demand growth in China and other countries. As of 1205 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.53 (+0.71 percent) to reach $74.83 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, went up by $0.42 (+0.61 percent) to $69.80 a barrel. However, the price of Russian Sokol decreased by $2.18 (-3.04 percent) to $69.58. Arab Light prices witnessed a decrease of $2.37 (-2.93 percent) to reach $78.50 a barrel. On the other hand, the price for Opec Basket decreased to $79.69 a barrel with a dip of $2.90 (-3.51 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. The US gasoline stocks rose by 5.4 million barrels last week to 223.6 million barrels. TLTP