January 28, 2016 - 8:31 PM EST
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OPEC crude basket rises to $28.28

, Jan 29 (EFE).- The basket of crude oil used as a benchmark indicator by the Organization of Petroleum Exporting Countries, or OPEC, increased to $28.28, the OPEC Secretariat said on Friday.

OPEC said the price of its basket, which includes 12 varieties of crude, increased by 1.88 percent on Thursday, compared with the closing price of the previous session.

Accordingly, the black gold is showing a speedy recovery, in which it has accumulated an increase of six dollars per barrel (25 percent) over the last week.

This rise is linked to the possibility that OPEC reaches an agreement with other competing countries to cut production to reduce the current oversupply, which caused the prices to hit their lowest levels since 2003.

March delivery of Brent crude opened at $34.57 a barrel at the start of Friday's trading on the futures market, with a rise of 2 percent from the previous session's close. EFE


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Source: Equities.com News (January 28, 2016 - 8:31 PM EST)

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