OPEC oil price up

Business 19-05-2017 13:17
OPEC oil price up
The price of OPEC’s basket of 13 crudes stood at $49.87 per barrel on May 18, as compared to $49.43 a barrel on May 17, the cartel said in a message on its website.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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).

This is while the price for July futures of Brent crude oil has increased by 0.65 percent to $52.85 per barrel as of 06:25 (GMT +4). Meanwhile, the price for June futures of West Texas Intermediate (WTI) has grown by 0.75 percent and stood at $49.72 per barrel.