OPEC basket price drops

Business 11-01-2017 14:01 READ: 33
OPEC basket price drops
The price of OPEC basket of thirteen crudes stood at $52.85 a barrel on Monday, Jan. 9 compared with $53.50 the previous Friday, according to OPEC Secretariat calculations, the cartel said Jan. 10.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of 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).

On Jan. 10 the price of March futures for Brent crude oil decreased to $54.9 per barrel. This is while the price of February futures for West Texas Intermediate (WTI) oil dropped to $51.9 per barrel.