” Oil prices dip on demand concerns ” | GNN INFO

Crude oil prices slumped on Wednesday as an unexpected increase in US crude inventories stoked concerns about fuel demand. As of 1305 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.68 (-0.79 percent) to reach $85.57 a barrel. Similarly, the West Texas Intermediate (WTI), the main oil benchmark for North America, went down by $0.59 (-0.72 percent) to $81.03 a barrel.

On the other hand, the price of Arab Light decreased by $0.87 (-0.99 percent) to reach $86.85 a barrel. Similarly, the price of Russian Sokol decreased by $1.08 (-1.35 percent) to $79.01 a barrel. On the other hand, the price for Opec Basket increased to $85.43 from $84.88 a barrel.