OPEC basket decreases in price

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).

World oil prices are rising on January 4, according to the trading data.

The price of March futures for Brent crude oil increased by 0.79 percent and stood at $55.91 per barrel as of 14:10 EST. This is while the price of February futures for West Texas Intermediate (WTI) oil rose by 0.86 percent to $52.78 per barrel.