The price of OPEC basket of thirteen crudes stood at $52.17 a barrel on Jan.16, compared with $52.64 on Jan.13, according to the cartel’s website.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
World oil prices are increasing on Jan.17. The price of March futures for Brent crude oil rose by 0.04 percent and stood at $55.88 per barrel as of 04:14 EST.
This is while the price of February futures for the West Texas Intermediate (WTI) oil increased by 0.40 percent to $52.58 per barrel.