Oil prices stay near six-month highs

Oil prices were mixed in Monday trading but remained close to their highest levels in six months, Dawn reported. Brent crude added 49 cents, or 0.4 per cent, to reach $117.21 a barrel, while US West Texas Intermediate slipped 35 cents, or 0.34 per cent, to $102.92. The figures were recorded at 12:51pm ET, or 1637 GMT.

Market concerns followed continuing attacks on Saudi Arabia, a major oil producer, while diplomatic efforts to address the Middle East conflict resumed. Both benchmarks had retreated after Friday’s advance, but Brent still finished the week with a 6 per cent gain after adding more than $3, and WTI rose 2.3 per cent. The latest moves came after both contracts had dropped by more than $2 a barrel on Monday, leaving prices near six-month highs.