OPEC oil drops in price

The price of OPEC’s basket of 14 crudes stood at $49.86 per barrel on August 28, as compared to $49.93 per barrel on August 25, 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), Zafiro (Equatorial Guinea), 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 October futures of Brent oil has decreased by 0.13 percent to $51.82 per barrel as of 09:30 (UTC + 4).

The price for October futures of West Texas Intermediate (WTI) grew by 0.17 percent and stood at $46.65 per barrel.