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OPEC oil price goes up

Oil&Gas Materials 29 August 2016 12:25 (UTC +04:00)
OPEC oil basket’s price stood at $45.75 per barrel on Aug. 26, or $0.47 more than on Aug. 25.
OPEC oil price goes up

Baku, Azerbaijan, Aug. 29

By Aygun Badalova – Trend:

OPEC oil basket’s price stood at $45.75 per barrel on Aug. 26, or $0.47 more than on Aug. 25, the cartel told Trend Aug. 29.

The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Oil prices fell over one percent on Monday after the US dollar jumped, with markets pressured as Iraq's production rose and as Iran said it would only cooperate in talks to freeze output if fellow exporters recognized its right to fully regain market share, Reuters reported.

Brent crude futures LCOc1 were trading at $49.22 per barrel, down 70 cents, or 1.4 percent, from their previous close.

US WTI crude was down 75 cents, or 1.6 percent, at $46.89 a barrel.

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