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Oil prices up for second straight week

MANILA – Motorists would have to brace for another week of higher pump prices, with the latest increment exceeding PHP2 per liter.

Effective Tuesday, Caltex, Cleanfuel, Seaoil, and Shell will hike gasoline prices by PHP2.80 per liter and diesel by PHP2.25 per liter.

Caltex, Seaoil, and Shell will also increase kerosene prices by PHP2.40 per liter.

Other industry players are expected to follow suit.

The price adjustments this week tracked the movement in the global market, turning bullish on oil demand from China.

Industry experts are expecting that the easing of coronavirus disease 2019 (Covid-19) restrictions in China will boost oil demand and prices.

As of this writing, West Texas Intermediate (WTI) was trading at USD81.34 per barrel and Brent crude at USD87.30 per barrel.

WTI was selling below USD80 per barrel, while Brent was trading below the USD85 level last week.

Dubai crude ended its trading last week higher at USD81 per barrel from USD80 on Jan. 13. (PNA)


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