Daily Times

Crude oil prices continued edging lower for the second consecutive session on Wednesday due to demand concerns. As of 1250 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.38 (-0.48 percent) to reach $79.17 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $0.29 (-0.39 percent) to $74.08 a barrel. Both Brent and WTI ended the last week higher by 0.34 percent 1 percent, respectively. Both benchmarks shed more than 10 percent in 2023 on a year-on-year basis. On the other hand, the price of Russian Sokol decreased by $0.46 (-0.62 percent) to $73.26. Arab Light prices witnessed a decrease of $0.43 (-0.53 percent) to reach $80.21 a barrel. Similarly, the price for Opec Basket decreased to $79.70 a barrel with a dip of $0.57 (-0.71 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. Oil futures remain volatile as uncertainty persists around several supply and demand indicators. Traders weigh up economic prospects, interest rates, OPEC+ and the risk of supply disruptions as a result of events in the Red Sea.