OPEC daily basket price Wednesday, 29 July 2015
The price of OPEC basket of twelve crudes stood at 50.82 dollars a barrel on Wednesday, compared with $50.54 the previous day, according to OPEC Secretariat calculations.
The West Texas Intermediate for September delivery moved up 81 cents to settle at 48.79 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 8 cents to close at 53.38 dollars a barrel on the London ICE Future Exchange.
U.S. crude supplies of last week decreased 4.2 million barrels to 459.7 million, 92.3 million barrels more than one year ago, according to the weekly report released by the Energy Information Administration Wednesday.
Market also got support from a report said that Saudi Arabia is talking about reducing production at the end of summer.
Oversupply concerns will continue to drag crude oil prices lower especially with Iran’s crude oil output which could rise significantly over the next six months of lifting of the oil sanctions
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