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OPEC price rises as US fuel demand surges

OPEC price rises

The price of OPEC basket of fourteen crudes stood at $49.73 a barrel on Wednesday, compared with $49.59 the previous day, according to OPEC Secretariat calculations. 

This comes as oil prices edged higher on Wednesday, as surging US fuel demand and strong refinery runs offset data from the Energy Department that showed crude inventories did not fall as much as expected last week, according to Reuters.

Crude inventories in the United States USOILC=ECI fell by 1.5 million barrels in the week to July 28, the Energy Information Administration said, about half the decline analysts had expected.

However, the report also showed estimated weekly gasoline demand at a record high 9.842 million barrels.

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، 03 August 2017 11:25 AM