VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries went up to $43.14, the OPEC Secretariat said on Tuesday.
OPEC said the price of its basket increased by 0.3 percent on Monday compared with the closing price at the previous session.
The average price of the OPEC barrel last week was $43.42, well below the $46.48 average price during the first week of June.
During the past month, the price of OPEC crude has fallen by more than 15 percent, and has reached prices not seen since last November.
This decline has occurred despite the agreement between the 14 OPEC countries and 10 other large producers to continue the cuts in production until March 2018, effective since January.
The August delivery of Brent crude opened at $45.93 per barrel at the start of Tuesday’s trading on the futures market, a 0.21 percent increase since the previous session’s close.