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The price of OPEC basket of fourteen crudes stood at US$54.59 a barrel on Thursday, compared with $54.06 the previous day, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes is made up of the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), and Merey (Venezuela).
Brent oil prices retreated from three-week highs reached earlier in the day on Wednesday, after a surprising fall-off in U.S. refining runs and an unexpected increase in inventories of gasoline and d
Oil declined, halting four days of advances, after a closely watched tally of U.S. fuel inventories showed a rise in gasoline and diesel supplies.
Futures slid as much as 1.9 percent in Ne
China’s purchases of crude oil for the sake of building its stocks have helped ease the oil market towards balance, the International Energy Agency (IEA) said in this month’s Oil Market Report.
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OPEC Secretary-General Mohammad Barkindo on Thursday struck a decidedly sanguine tone on the outlook for crude, saying the market is balancing at an “accelerated pace” and that demand will continue t
Oil prices were stable on Thursday, supported by ongoing OPEC-led supply cuts, tensions in the Middle East and lower U.S. production due to hurricane-enforced closures.
Brent crude futures