admin April 29, 2016

OPEC oil basket’s price stood at $42.02 per barrel on Apr. 28, or $0.64 more than on Apr. 27, the cartel told Trend Apr. 29.

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).

Global oil prices have increased to the maximum level in 2016 against the background of the US dollar’s weakening, as well as the US Energy Department’s (DOE) data on the country’s oil output, which has dropped to its lowest level over the past year and a half.

As of 12:15 (GMT+4) on Apr. 29, the price for June futures of the North Sea Brent oil mix increased by 0.39 percent to $48.33 per barrel, while the price for May futures of the WTI oil increased by 0.67 percent to $46.34 per barrel.

Source: Trend