Prices dropped $2.83 to $67.88 on Friday, the biggest loss since July 5. The global benchmark crude traded at a $8.92 premium to WTI for the same month, on course for the widest close since March 2015. Demand worriesHigher crude prices are starting to affect demand, Daniel Yergin, vice chairman of consultant IHS Markit Ltd., had said on Friday. OPEC and its allies are likely to gradually revive oil output in the second half of the year, Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russia last week. Separately, President Vladimir Putin said oil prices at $60 fully suit Russia and the country doesn’t want them to spiral higher.

Source: The Star May 28, 2018 07:41 UTC