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  HOME | Oil & Energy (Click here for more)

OPEC Crude Basket Continues Downward Trend, Falls to $43.14

VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries fell to $43.14, OPEC said on Thursday.

OPEC said the price of its basket decreased by 1.7 percent on Wednesday compared with the closing price at the previous session.

This continues the downward trend in the price of oil, and coincides with Iran’s claims that the United States have caused a plunge in value with its increased production.

After a government meeting in Tehran on Wednesday the Iranian oil minister Bijan Zangeneh said that the cause of the fall in oil prices is the unexpected increase in US production.

The rise in US oil exports is one of the factors undermining the policy of cuts carried out by OPEC in January, and in force until March 2018.

The August delivery of Brent crude opened at $44.79 per barrel at the start of Thursday’s trading on the futures market, reaching its lowest level for the year, a 0.06 percent decrease since the previous session’s close.

 

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