VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries continued its rise to reach $45.63, the OPEC Secretariat said on Monday.
OPEC said the price of its basket, which remained on the uptrend on Friday compared with the closing price at the previous session, has reached the highest value since mid-June.
This is the six consecutive rise for OPEC crude, with which it has recovered 7 percent of its value and moved up from the decline at the end of last month due to speculation in the market that the production cuts decided by the group were not enough to reduce the excess oil in the market.
Still, the OPEC price benchmark in June scored $45.21, down 8 percent from the previous month.
The September delivery of Brent crude opened at $48.85 per barrel at the start of Monday’s trading on the futures market, a 1.9 percent increase since the previous session’s close.