OPEC daily basket price stood at $103.75 a barrel Wednesday, 12 March 2014
The price of OPEC basket of twelve crudes stood at 103.75 dollars a barrel on Wednesday, compared with $104.38 the previous day, according to OPEC Secretariat calculations. Oil prices rose today as OPEC raised its 2014 global oil demand growth forecast for a second consecutive month.
Brent crude was up by 21 cents to hit $108.23 a barrel, while US oil rose by nine cents to settle at $98.08 a barrel, reported Reuters.
Crude prices increased after the Organisation of the Petroleum Exporting Countries (OPEC) said in its monthly report that global demand is estimated to rise by 1.14 million barrels per day in 2014, up 50,000bpd from its previous forecast, as economic growth picks up in Europe and the US.