The price of OPEC basket of fourteen crudes stood at $71.34 a barrel on Tuesday, compared with $70.51 the previous day, according to OPEC Secretariat calculations.
Oil prices slipped on Tuesday as concerns the United States might reinstate sanctions against Iran faded somewhat, reducing worries about the future of Iranian exports.
US President Donald Trump and French President Emmanuel Macron pledged to seek stronger measures to contain Iran. At a joint news conference, Trump did not repeat threats to withdraw from the 2015 nuclear agreement but made clear he has little patience for it.
Renewed sanctions could harm Iran’s ability to export its crude.
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).