Daily Times

Crude oil prices fell over one percent on Friday after the International Monetary Fund (IMF) forecast weaker global growth, primarily due to the Russia-Ukraine war and Covid-19 lockdowns in China. As of 1415 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $1.554(-1.43 percent) to reach 106.78 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, slipped to $102.08 a barrel, down by $1.71 (-1.65 percent).

The price for Opec basket was recorded at $108.81 a barrel with an increase of 0.78 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 $112.60 a barrel with a decrease of 1.02 percent and the price of Russian Sokol slipped to $97.99 a barrel with a 1.11 percent decrease. Earlier, the IMF slashed its forecast for global growth by nearly a full percentage point, citing the economic impacts of Russia’s war in Ukraine, and warned that inflation was now a “clear and present danger” for many countries. On the supply side, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, produced 1.45 million barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West.