The price of OPEC basket of thirteen crudes stood at $34.50 a barrel on Tuesday, compared with $35.48 the previous day, according to OPEC Secretariat calculations.


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The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), 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).

Meanwhile CNBC reports that oil futures rebounded in Asian trade on Wednesday, buoyed by a forecast for a less than expected build in crude oil stockpiles last week.

A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains.

Brent futures climbed 40 cents to $39.54 a barrel as of 0104 GMT after settling down $1.13 in the previous session.

U.S. crude rose 45 cents to $38.73 a barrel after ending the previous session down $1.11.

Oil prices fell about 3 percent in the previous session after Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-barrel-per-day Khafji field even as oil output is supposed to be capped.

Source: classfmonline.com

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