Daily Times

Global prices for crude edged lower on Tuesday for the second consecutive day due to strength shown by the dollar coupled with a correction in the stock markets.

At 13:15 GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed 0.21 percent to reach $71.34 a barrel. Likewise, the US West Texas Intermediate (WTI) reached $69.19, down 0.06 percent. The price for Opec Basket was recorded at $70.21 a barrel with 0.46 percent gain, Arab Light was available at $70.75 a barrel with 0.35 percent decrease, while the price of Russian Sokol reached $70.93 after shedding 0.35 percent. As oil is priced in dollars, a stronger greenback makes crude more expensive for buyers with other currencies. Data showing China’s crude imports were down 14.6 percent in May on a yearly basis also weighed on prices. Heavy Chinese refinery maintenance in May also contributed to the decline. Crude prices have risen in recent weeks, with Brent up by nearly 40% this year and WTI gaining even more, amid expectations of demand returning as some countries succeed in vaccinating populations against Covid-19. Restraint on supply by the Organization of the Petroleum Exporting Countries and allies has also helped buttress prices.