The price of OPEC oil basket on Wednesday, August 10, declined to $0,52, or 1.24%, to $40,57 per barrel, whereas in the previous trading day it was us $of 41.08 per barrel, the materials on the website of the cartel.
The term “basket” of OPEC (OPEC Reference Basket of Mar) was officially introduced on 1 January 1987. The oil basket is a conditional mixture composed of marks of oil which deliver on the world market 13 countries in the cartel. A historical high for the basket of the cartel is a price mark of $140.73 a barrel, recorded July 3, 2008.
Oil OPEC basket is one of the key price indicators of the world oil market.
This morning, the world prices for “black gold” dropped in electronic trading on the London and new York exchanges. So, futures for oil Brent with delivery in October on London’s ICE Futures exchange fell 0.48% to $43,84 per barrel. September futures for light oil of mark WTI on the new York Mercantile exchange (NYMEX) fell 0.50% to $41,50 per barrel.
The oil market continues to decline in connection with the data about growth of commercial stocks of fuel in the United States and record oil production in Saudi Arabia. The combination of these two factors reveals a significant overproduction of oil in the world, despite numerous supply disruptions and steady decline in hydrocarbon production in the U.S. in recent months.
