OPEC basket oil price rises above $40 for the first time in four months

A worker walks inside the Brazil's Petrobras P-66 oil rig in the offshore Santos Basin in Rio de Janeiro, Brazil. (File photo: Reuters)

The Organization of the Petroleum Exporting Countries’ basket oil price rose above $40/bbl for the first time in four months, reflecting higher official selling prices, according to the group’s data.

The basket price stood at $42.66/bbl on July 1, almost 12 percent higher than the previous day, and the highest since March 3, the data showed.

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The rise, which comes despite more modest gains over the same period in Brent futures prices, reflects higher official selling prices for many producers in the group including Saudi Arabia, Kuwait, the UAE and Iraq that kicked in at the start of the month, two OPEC sources said.

Oil prices rose on Thursday after data showed a fall in US unemployment and a sharp drop in crude stockpiles, although concerns that a spike in US coronavirus infections could stall a recovery in fuel demand kept gains in check.

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US non-farm payrolls increased by 4.8 million in June, the Labor Department reported on Thursday, beating expectations.

Brent crude futures were up 78 cents or 1.86 percent at $42.81 a barrel by 1556 GMT, after rising 1.8 percent in the previous session.

US West Texas Intermediate (WTI) crude futures rose 66 cents, or 1.66 percent, to $40.48 a barrel, adding to a 1.4 percent rise on Wednesday.

(With The Associated Press)

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Last Update: Friday, 03 July 2020 KSA 02:53 - GMT 23:53
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