OPEC Daily Basket Price Rises to $85.50/Barrel
The price of the Organisation of Petroleum Exporting Countries (OPEC) basket of thirteen crudes stood at $85.50 a barrel on Monday, compared with $85.17 the previous Thursday, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), and Rabi Light (Gabon).
Others are Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Oil Prices Rise Up Ahead of US Inflation Data
Oil prices edge higher ahead of a busy day of macroeconomic releases. Brent crude oil is up 0.3% at $85.84 a barrel while WTI gains 0.2% to $81.71 a barrel.
Investors are largely sitting tight ahead of U.S. inflation data due later in the day.
The figures are expected to show inflation continued to ease in March, which would be good news for Federal Reserve officials and likely to shape their views on the future path of interest rates.
Minutes from the Fed’s last policy meeting are also set to be released, offering greater insight into the central bank’s thinking on inflation and monetary policy. #OPEC Daily Basket Price Rises to $85.50/Barrel
