VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries went up to $46.40, the OPEC Secretariat said on Monday.
OPEC said the price of its basket rose by 1.6 percent on Friday compared with the closing price at the previous session.
Despite this increase, the value of the OPEC black gold remains below the benchmark of $50, in an environment dominated by concern caused by signs that the abundant supply far exceeds the demand.
Throughout last week, the so-called OPEC basket, a mixture of 14 varieties of crude – one per member country – was sold at an average of $45.53, 2.5 percent less than the average of the previous week ($46.68).
The September delivery of Brent crude opened at $49.04 per barrel at the start of Monday’s trading on the futures market, a 0.13 percent increase since the previous session’s close.