OPEC daily basket price continues to drop
Baku, Azerbaijan, Nov.1
By Leman Zeynalova – Trend:
The price of OPEC basket of fourteen crudes stood at $45.83 a barrel on Oct.31, compared with $47.04 on Oct.28, according to the cartel’s website.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: 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 rose from one-month lows in Asian trading on Nov.1 after OPEC agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production.
US West Texas Intermediate (WTI) futures were up 23 cents at $47.09 a barrel at 07:25 GMT. They plunged nearly 4 percent to $46.86 a barrel in the previous session.
Brent for January delivery, the new front-month contract, was up 45 cents at $49.06 a barrel. The previous front-month contract fell nearly 3 percent before expiry on Oct.31.