Crude oil prices drop 1.5pc

Global crude oil prices continued with the downward slide on Tuesday, with both benchmarks losing over one-and-a-half per cent, pulling back from early gains fostered on strong Chinese economic news and ongoing supply restraint from major oil producers.

At 1535 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $67.91 a barrel after losing 1.41pc. The US West Texas Intermediate (WTI) crude futures shed 1.74pc to reach $64.25 a barrel.

The price for Opec Basket was recorded at $68.14 a barrel after gaining 1.11pc, Arab Light was available at $67.40 a barrel after a decrease of 2.18pc, while the price of Russian Urals remained unchanged at $42.22 a barrel.

According to experts, the fundamentals for summer gasoline is the most bullish in nearly a decade. “We think this will support the entire oil complex this summer and beyond,” they further said. Oil production across American shale patches next year is expected to climb to the highest annual rate since 2019, according to a government report.

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