Daily Times

Crude oil prices went up for the fourth straight session on Wednesday amid supply concerns and increase in global demand. At 1305 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.29 (+1.75 percent) to reach $74.89 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $71.80 a barrel, up by $1.34 (+1.90 percent). The price for Opec Basket was recorded at $71.98 a barrel with 0.22 percent increase, Arab Light was available at $73.28 a barrel with a 0.19 percent decrease, while the price of Russian Sokol slipped to $74.17 after shedding 0.15 percent. According to experts, oil prices climbed after industry data showed a larger than expected drawdown in crude oil stocks in the United States, besides expectations that demand will improve in the coming days as the International Energy Agency (IEA) and the Organisation of the Petroleum Exporting Countries (Opec) said in their recent reports. The US crude oil, gasoline and distillate stocks all fell last week after Hurricane Ida shut numerous refineries and offshore drilling production. Crude stocks fell by 5.4 million barrels for the week ended on September 10against market expectations of a drop of 3.5 million barrels.