Daily Times

Crude oil prices edged up on Monday after going down in the early trading of the day. At 1331 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $66.92 a barrel after gaining 0.24 percent. Likewise, the US West Texas Intermediate (WTI) crude futures gained 0.44 percent to reach $63.86 a barrel. The price for Opec Basket was recorded at $65.71 a barrel with 1.83 percent increase, Arab Light was available at $67.25 a barrel with 2.55 percent increase while price of Russian Sokol increased 2.32 percent to reach $67.01 a barrel. According to an oil expert, the technical picture continues to suggest that oil’s price recovery remains intact. However, the worsening situation in India, the world’s third-largest oil consumer, also weighs heavily on the markets, he added. India’s wealthiest banker, Uday Kotak, called on authorities to limit economic activity to contain the surge in infections. “At this critical juncture when toll of lives is rising, CII urges the strongest national steps including curtailing economic activity to reduce suffering,” Kotak, president of the Confederation of Indian Industry and chief executive of Kotak Mahindra Bank, India’s third-largest lender by market value, said on Twitter.