OPEC daily basket price Monday, 30 May 2016
The price of OPEC basket of thirteen crudes stood at $44.80 a barrel on Monday, compared with $44.76 the previous Friday, according to OPEC Secretariat calculations.
Investment banks surveyed by The Wall Street Journal raised their price forecast for the third consecutive month in May, predicting that Brent crude, the international benchmark, would average $43 a barrel in 2016.
Oil futures edged above $50 a barrel Tuesday, with overall declines in global crude production helping to set prices up for their fourth straight monthly gain in a row.
“We need to wait. The market will fix itself to a price that is fair to the consumers and the producers,”
UAE Oil Minister Suhail bin Mohammed al-Mazroui reportedly stated in Vienna.
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