Iraq News - Local News - Baghdadpost

OPEC price ups over surge in US crude inventories

The price of OPEC basket of fourteen crudes stood at $44.23 a barrel on Tuesday, compared with $43.14 the previous day, according to OPEC Secretariat calculations. 

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).

This comes as oil prices sharply pulled back as the market reacted to preliminary data that suggested U.S. crude stockpiles unexpectedly rose last week.

International benchmark Brent crude futures were up 33 cents to $46.16 by 4:47 p.m. ET (2047 GMT).

The American Petroleum Institute reported a surprise 851,000 barrel increase in U.S. crude inventories in the week through June 23.