172@29@17@246!~!172@29@0@53!~!|news|business|commodities|opec-basket-oil-price-rises-above-40-for-first-time-in-4-months-5501201.html!~!|controller|infinite_scroll_article.php
Moneycontrol
Financial Freedom Offer: Subscribe to Moneycontrol Pro and grab benefits worth ₹15,000/-
Last Updated : Jul 02, 2020 09:30 PM IST | Source: Reuters

OPEC basket oil price rises above $40 for first time in 4 months

The basket price stood at $42.66/bbl on July 1, almost 12 percent higher than the previous day, and the highest since March 3, the data showed.

Reuters

The Organization of the Petroleum Exporting Countries' basket oil price rose above $40/bbl for the first time in four months, reflecting higher official selling prices, according to the group's data.

The basket price stood at $42.66/bbl on July 1, almost 12 percent higher than the previous day, and the highest since March 3, the data showed.

The rise, which comes despite more modest gains over the same period in Brent futures prices, reflects higher official selling prices for many producers in the group including Saudi Arabia, Kuwait, the UAE and Iraq that kicked in at the start of the month, two OPEC sources said.

Close
 
First Published on Jul 2, 2020 09:29 pm
Sections