According to calculations by the OPEC Secretariat, the price of the basket of thirteen crudes used by the Organization of Petroleum Exporting Countries (OPEC) was $85.50 per barrel on Monday as opposed to $85.17 on the previous Thursday.
The following are included in the OPEC Reference Basket of Crudes (ORB): Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), and Rabi Light (Gabon).
Iran Heavy (Islamic Republic of Iran), Basrah Medium (Islamic Republic of Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE), and Merey are more examples (Venezuela).
Prices of oil increase before to US inflation data. In front of a full day of macroeconomic announcements, oil prices begin to rise. WTI crude oil is up 0.2% to $81.71 per barrel, while Brent crude oil is up 0.3% to $85.84 per barrel.
The majority of investors are remaining cautious ahead of later-in-the-day U.S. inflation statistics. According to the numbers, inflation continued to decline in March, which would be encouraging for Federal Reserve officials and probably influence their opinions on the direction that interest rates would take going forward.
Also scheduled for publication are the minutes from the Fed’s most recent policy meeting, which will provide further information about the central bank’s views on inflation and monetary policy.
