OPEC price climbs as oil holds around 2-1/2 year highs on Saudi purge

OPEC price rises
OPEC price rises

The price of OPEC basket of fourteen crudes stood at $61.05 a barrel on Monday, compared with $59.15 the previous Friday, according to OPEC Secretariat calculations. 

This comes as global oil prices broke above two year highs on Monday and could climb higher to hit $70 a barrel in the wake of an anti-corruption purge of Saudi royals and senior officials, according to The Telegraph.
Oil prices bounded to highs not seen since July 2015 at over $64 a barrel on Monday following a sweep of arrests targeting ministers, investors and members of the Saudi royal family on corruption charges over the weekend.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (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).

 

Last Modified: 11 07 2017 02:18 PM

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