Baku, Azerbaijan, Dec.7
By Leman Zeynalova – Trend:
The price of OPEC basket of fourteen crudes stood at $50.98 a barrel on Dec.6, compared with $51.25 the previous day, 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 began to increase Dec.7. The price of February futures for Brent crude oil rose by 0.33 percent as of 05:24 EST and stood at $54.11 per barrel.
This is while the price of January futures for West Texas Intermediate (WTI) oil increased by 0.31 percent to $51.09 per barrel.