OPEC daily basket price on Wednesday, 8 June 2016
The price of OPEC basket of thirteen crudes stood at $47.76 a barrel on Wednesday, compared with $46.63 the previous day, according to OPEC Secretariat calculations.
Oil prices jumped more than 1 percent on Tuesday, hitting 2016 highs, with U.S. crude settling above $50 a barrel the first time in almost a year, on expectations of domestic stockpile draws and worries about global supply shortfalls from attacks on Nigeria’s oil pipelines.
The EIA’s latest weekly status report, released at 10:30am EST, reported a 3.226-million draw on U.S. crude inventories, while the consensus had called for a drop between 2.7 million to 3.4 million barrels. The new data puts U.S. crude oil inventories at 532.5 million barrels
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