VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries went up to $50.49, the OPEC Secretariat said on Wednesday.
The OPEC said the price of its basket increased by 0.9 percent on Tuesday compared with the closing price at the previous session.
This increase comes a day after OPEC states and other oil producers agreed during a meeting held in Abu Dhabi to limit crude oil production.
Saudi Arabia is to cut crude oil allocation in September by at least 520,000 barrels per day.
The October delivery of Brent crude opened at $51.92 per barrel at the start of Wednesday’s trading on the futures market, a 0.01 percent increase since the previous session’s close.