Azerbaijan, Baku, Nov. 23 / Trend A.Badalova /
At the end of last week, oil prices on world markets fell to their lowest level in the past month. The primary reason was published data on the growth of oil reserves in the U.S., which grew over the past week to 1,762 million barrels compared to the 200,000 barrels expected by analysts.
The average spot price in 13 varieties (including North American) last week amounted to $77.75 per barrel, with a $0.83 increase from the previous week.
The highest average price was observed on the Malaysian oil Tapis last week. Its average sport price was $80.6 per barrel compared to $76.1 per barrel the previous week. This type is used as a reference for the oil-producing zone of the Far East. Tapis's density is 45.5-degrees API with a 0.1-percent sulfur content.
Minas produced in Indonesia was a little cheaper than the Malaysian light oil. Average prices for the oil last week were $79.86 per barrel, with a $2.8-increase from the previous week. The price for Minas is used in setting prices for other brands of oil exports in the Gulf region. Its density is 35.3-degrees API, with a 0.09-percent sulfur content.
Bonny Light, produced in Nigeria, increased by $0.4 per barrel compared to the previous week. Average prices for the oil last week were $78.5 per barrel. The density of Bonny Light, used to determine the price of other brands of oil exports in the Gulf, is 33.4-degrees API with a 0.16-percent sulfur content.
The benchmark grade of oil from the Middle East Oman and the American West Texas Intermediate (WTI) were $78.3 per barrel. Oman's average sport price decreased by $0.5 per barrel and WTI- $0.3 compared to the previous week. The density of the Oman oil is 36.3-degrees API, with a 0.8-percent sulfur content. WTI's density is 40-degrees API with a 0.4-05-percent sulfur content. This oil is mainly used to produce gasoline and therefore the demand is high, particularly in the U.S. and China.
The price for North Sea Oseberg oil hit $77.8 per barrel. Last week growth in the North Sea oil amounted to $0.8 per barrel. The density of Oseberg is 37.8-degrees API with a 0.27-percent sulfur content.
The average spot price for a marker grade of oil produced in Dubai and used as a benchmark in setting prices of other brands of oil exports in the Gulf region Dubai Crude amounted to $77.7 per barrel, with a 0.1-percent decrease compared to the northern oil. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.
The price of Brent (Dated) oil, produced in the North Sea, last week was $77.3 per barrel last week compared to the 76,.8 in the previous. Brent Dated's density is 38.3-degrees API, with a 0.36-percent sulfur content.
Last week, the average spot price for North Sea Forties was $76.8 per barrel, with a $1-up from the previous week. Forties has a low sulfur content and high potential to produce gasoline. Its density is about 40.3-degrees API with a 0.56-percent sulfur content.
Last week, the average spot price for the OPEC oil basket was $76.7 per barrel compared to $76.4 per barrel the previous week. The price is the average index of physical prices for the following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (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).
The average spot price for the American WTS crude oil comprised $76.4 per barrel, with a $0.1-decrease from the previous week. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.
Last week, the lowest average spot price was observed for the American Mars oil and the high-sulfur oil Urals, which is a mixture of oil produced in the Khanty-Mansi Autonomous District and Tatarstan -76.3 per barrel. The price for Mars oil increased by $0.3 per barrel compared to the previous week and Urals-0.4. The main producers of Urals oil is the Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft, TNK-BP and Tatneft companies. Abroad, this oil is known under the name Siberian Light. In Russia, oil futures for Urals are traded on the FORTS market at the RTS stock exchange. Mars's density is 28.9-degrees API with a 2.05-percent sulfur content.
Energy Intelligence Group provides Trend Agency with daily oil price quotas.
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