OPEC oil price hits 7-month high

Business Materials 9 June 2016 20:08 (UTC +04:00)

Baku, Azerbaijan, June 9

By Emil Ilgar - Trend:

OPEC's crude oil basket price hit the highest record since Oct. 12, 2015, and reached $47.76 per barrel on June 8.

The OPEC oil basket's price increased by $1.13 day-to-day on Wednesday, the official statistics, released on OPEC's website on June 9, indicates.

The figure is far below the price in the first half of 2014, when the price was about $108 per barrel.

There are no any figures for Thursday.

The price for August futures of the North Sea Brent oil mix decreased by 1.68 percent to $51.63 per barrel, while the price of July futures for WTI oil decreased by 1.72 percent to $50.53 per barrel June 9.

The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).