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OPEC price rises as US oil inventories surge

OPEC price climbs
The price of OPEC basket of fourteen crudes stood at $54.54 a barrel on Wednesday, compared with $54.23 the previous day, according to OPEC Secretariat calculations. 


This comes as oil prices climbed even further on Wednesday, with WTI up to $51.31 at 4:37 pm EST, and Brent at $56.86.


The American Petroleum Institute (API) reported a surprise build of 3.097 million barrels in United States crude oil inventories, compared to an S&P Platts’ survey of analysts that expected inventories would draw down by 400,000 barrels for the week ending October 6.


A pact between OPEC and other producers including Russia to cut output by 1.8 million barrels per day (bpd) in order to prop up prices is due to expire by the end of March 2018.
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، 12 October 2017 04:17 PM
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