VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries continued the upward surge to $46.89, the OPEC Secretariat said on Tuesday.
OPEC said the price of its basket increased by 2.7 percent on Monday compared with the closing price at the previous session.
With its seventh consecutive rise, OPEC basket reaches its highest price since mid-June.
Thus, OPEC’s black gold has recovered 10 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.
The September delivery of Brent crude opened at $49.42 per barrel at the start of Tuesday’s trading on the futures market, a 0.52 percent decrease since the previous session’s close.