VIENNA Ė The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries went up to $48.85, the OPEC Secretariat said on Friday.
OPEC said the price of its basket increased by 0.3 percent on Thursday compared with the closing price at the previous session.
Despite the increase, OPECís oil benchmark remains at its lowest in the last two weeks, amid a generalized environment of doubts about the effectiveness of the OPEC production cutback policy to reduce the excess of crude in the market.
The OPEC barrel closed the month of May with an average price of $49.20, four percent less than Aprilís average.
The July delivery of Brent crude opened at $50.26 per barrel at the start of Fridayís trading on the futures market, a 0.51 percent decrease since the previous sessionís close.