OPEC oil up on March 2

OPEC oil basket’s price stood at $31.65 per barrel on March 2, or $0.06 more than on March 1, the cartel told Trend March 3.

The OPEC Reference Basket (ORB) is made up of the following oil brands: 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).

Oil prices increased March 3 amid investors’ expectations for a rapid increase in oil demand.

The price for May futures of the North Sea Brent crude oil mix rose by 0.05 percent up to $36.95 per barrel on March 3 morning, while the price of April futures for WTI oil increased by 0.23 percent up to $34.74 per barrel.

/By Trend/