VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries rose to $44.58, the OPEC Secretariat said on Monday.
OPEC said the price of its basket increased by 0.4 percent on Friday compared with the closing price at the previous session.
The OPEC barrel has already accumulated three weeks of generalized depreciation, in which it has lost 13 percent of its value.
This trend is due to uncertainty in the markets over whether the OPEC cutback policy, which was renewed on May 25 for nine months, is enough to reduce the excess supply of crude oil in the market.
OPEC predicted last week that an increase in consumption in the second half of this year will help to balance the market.
The July delivery of Brent crude opened at $48.24 per barrel at the start of Monday’s trading on the futures market, a 0.27 percent decrease since the previous session’s close.