Daily Times

Oil prices rose for the second straight day on Wednesday amid supply concerns as the Russia-Ukraine peace talks hit a dead end and China hinted at using its monetary policy to stimulate growth. As of 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.72 (+1.64 percent) to reach 106.36 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, jumped to $102 a barrel, up by $1.40 (+1.39 percent).

The price for Opec basket was recorded at $102.41 a barrel with an increase of 2.33 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. Arab Light was available at $110.06 a barrel with an increase of 2.67 percent and the price of Russian Sokol jumped to $96.49 a barrel with a 3.07 percent increase. Crude extended gains 0n Wednesday after a 6 percent surge in the previous session.