, Feb 1 (EFE).- The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries
, or OPEC
, increased to $29.11
, the OPEC Secretariat said on Monday.
OPEC said the price of its basket, which includes 12 varieties of crude, increased by $0.83 on Friday, compared with the closing price of the previous session.
This rise is linked to the possibility that OPEC will reach an agreement with other competing countries to cut production to reduce the current oversupply, which has caused prices to hit their lowest levels since 2003.
March delivery of Brent crude opened at $35.19 a barrel at the start of Monday's trading on the futures market, with a rise of 1.2 percent from the previous session's close. EFE
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer
Source: Equities.com News
(January 31, 2016 - 7:38 PM EST)
News by QuoteMedia