VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries, dropped to $48.69, the OPEC Secretariat said on Thursday.
OPEC said the price of its basket decreased $0.70, or 1.41 percent, on Wednesday compared with the closing price at the previous session.
The organization has been suffering from generalized depreciations in the last week, in which it has already lost more than 6 percent of its value.
OPEC and 10 other producers agreed on May 25 to extend until March 2018 the agreement adopted at the end of 2016 to cut the supply by 1.8 million barrels per day.
However, traders believe that such a move will be insufficient to tackle oversupply.
The July delivery of Brent crude opened at $51.10 per barrel at the start of Thursday’s trading on the futures market, a 1.6 percent increase since the previous session’s close.