VIENNA - The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries, rose to $51.96, the OPEC Secretariat said on Thursday.
OPEC said the price of its basket increased by 1.2 percent on Wednesday compared with the closing price at the previous session.
The ministers of the 13 OPEC member countries are to decide on Thursday whether they agree with 11 independent oil producers to extend their policy of cuts, in force since Jan., with the aim of stabilizing prices.
The reduction of 1.8 million barrels per day was approved by OPEC and several of its competitors is valid in principle until June, but OPEC leader Saudi Arabia and Russia have already said they are in favor of extending it.
The July delivery of Brent crude opened at $54.46 per barrel at the start of Thursday's trading on the futures market, a 0.92 percent increase since the previous session's close.