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OPEC price tumbles as US fuel inventories rise

OPEC price tumbles

The price of OPEC basket of fourteen crudes stood at $49.61 a barrel on Tuesday, compared with $49.97 the previous day, according to OPEC Secretariat calculations.

This comes as oil prices fell by 1 percent on Wednesday, with rising US fuel inventories pulling US crude back below $50 per barrel, while ongoing high OPEC supplies weighed on international prices, according to Reuters.

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: Wednesday، 02 August 2017 11:44 AM