VIENNA – The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries rose to $55.62, marking its highest value since July 2015, the OPEC Secretariat said on Tuesday.
OPEC said the price of its basket went up by 1.4 percent on Monday compared with the closing price at the previous session.
This is the tenth consecutive increase for OPEC black gold, in which the OPEC barrel has accumulated a rise of 7.3 percent, almost $4.
This upward trend, which also includes other international crude such as European Brent and US Texas, is part of the optimism among investors about the decision of OPEC and several major producers to maintain the policy of reducing production until March 2018.
The November delivery of Brent crude opened at $59.22 per barrel at the start of Tuesday’s trading on the futures market, a 0.33 percent increase since the previous session’s close.