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The price of OPEC basket of thirteen crudes stood at $28.30 a barrel on Wednesday, compared with $28.94 the previous day, according to OPEC Secretariat calculations.
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
Meanwhile CNBC reports that European equities were trading higher on Thursday, boosted by a positive finish on Wall Street Wednesday after oil prices steadied.
The pan-European Stoxx 600 index was up 1.4 per cent higher in morning trade with banks, up 3.4 percent, and oil and gas stocks, up 2.9 per cent, the biggest gainers.
Markets have taken comfort from the fact that U.S. crude oil futures held steady in early trading on Thursday as strong demand for gasoline was offset by a new record in crude stockpiles, Reuters reported.
Source: http://classfmonline.com/1.8717811
