OPEC basket oil price rises above $40 for first time in 4 months

© Reuters. FILE PHOTO: A person passes the OPEC logo in front of its headquarters in Vienna

LONDON/DUBAI (Reuters) – The Organization of the Petroleum Exporting Countries’ basket oil price rose above $40/bbl for the first time in four months, reflecting higher official selling prices, according to the group’s data.

The basket price stood at $42.66/bbl on July 1, almost 12% higher than the previous day, and the highest since March 3, the data showed.

The rise, which comes despite more modest gains over the same period in Brent futures () prices, reflects higher official selling prices for many producers in the group including Saudi Arabia, Kuwait, the UAE and Iraq that kicked in at the start of the month, two OPEC sources said. [CRU/OSP]

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  Film star Helen Mirren decries 'disturbing' global rise in homelessness



Please enter your comment!
Please enter your name here