OPEC oil price drops below $47/bbl

By  Trend

The price of OPEC’s basket of 13 crudes stood at $46.56 a barrel on May 5, as compared to $47.44 on May 4, the cartel said in a message on its website.

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

The price for July futures of Brent crude oil has increased by 0.81 percent to $49.50 per barrel as of 06:23 (GMT +4).

Meanwhile, the price for June futures of West Texas Intermediate (WTI) has grown by 0.44 percent and stood at $46.56 per barrel.