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OPEC price rises as US crude inventories decline

OPEC price increases

The price of OPEC basket of fourteen crudes stood at $48.51 a barrel on Wednesday, compared with $47.11 the previous day, according to OPEC Secretariat calculations on Thursday. 

Oil prices were sitting just below eight-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in US crude oil inventories will reduce global oversupply.

US crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories dropped, the Energy Information Administration said on Wednesday.

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: Thursday، 27 July 2017 11:04 AM