OPEC expects basket price to fall for third straight week
The price of OPEC’s basket of twelve crudes stood at $60.73 per barrel today, down $1.30 from just a week ago when the basket sold for $62.03, according to information released by OPEC. OPEC’s crude oil basket has been trending downward since the beginning of the month when it reached highs of $64.96 on May 6.
Information from OPEC shows the basket price for the week ended May 29, $60.96, meaning this week will mark the third straight week of declining prices for its basket, which includes 12 varieties of crude.
Despite the dip in price from earlier this month, the price for OPEC’s basket has been steadily climbing upward since December of last year after the precipitous drop in crude oil prices that followed the cartel’s decision to maintain production.
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