OIL

ISLAMABAD: Oil futures rose Tuesday after Iran seized a South Korean ship and the Organization of the Petroleum Exporting Countries (OPEC) and its allies extended talks over whether to further ease production cuts.
At 1505 hours GMT, Brent, the global benchmark for two-thirds of the world’s oil, went up by 3.54 percent to $52.9 gauge West Texas Intermediate (WTI) increased by 4.03 percent to $49.54 per barrel.
The price for OPEC Basket was recorded at $50.22 a barrel with 0.12 percent increase, Arab Light was available at $50.48 a barrel after a decrease of 1.37 percent while price of Russian Urals remained unchanged at $42.22 a barrel. – TLTP