OPEC oil rises to more than $ 42 a barrel

Thursday 02nd July 2020 - 19:57

OPEC oil rises to more than $ 42 a barrel

Baghdad - INA

 

 The oil basket price of the Organization of the Petroleum Exporting Countries increased above $ 40 a barrel for the first time in four months, due to the high official selling prices, according to data from the organization.

 An OPEC source said, "The basket price reached $ 42.66 a barrel in the beginning of July, which is about 12% more compared to the previous day, which is also the highest level since the third of March, according to the figures."

 He added: "The increase, which came in spite of more modest gains for the same period in Brent forward contracts, is due to the high official selling prices for many of the producers in the organization, such as Saudi Arabia, Kuwait, the UAE and Iraq, which came into effect at the beginning of the month."

 Oil prices rose on Thursday after data showed a decline in US unemployment and a sharp drop in crude stocks, but concerns that a spike in Corona virus infections in the United States may hinder the recovery in demand for fuel, curbed the gains.

 US nonfarm payrolls increased by 4.8 million in June, the Labor Department said Thursday, which exceeded expectations.