The price of OPEC basket of twelve crudes stood at $103.79 dollars a barrel on Thursday, compared with $103.62 the previous day, according to OPEC Secretariat calculations. OPEC prices have surged since Monday amid worries about curtailed supplies following Shell’s force majeure declaration on Forcados blend.
Meanwhile New York’s main contract West Texas Intermediate (WTI) for delivery in May rose $1.02 from Wednesday to $101.28 a barrel. Brent North Sea crude for May also gained, adding 80 cents to stand at $107.83 a barrel in London trade.
Introduced on 16 June 2005, is currently made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).No tags for this post.