….OPEC daily basket price begins week at $49.46 a barrel
MON, JULY 31 2017-The price of OPEC basket of fourteen crudes stood at $49.46 a barrel on Friday, compared with $48.88 the previous day, according to OPEC Secretariat calculations, an addition to the week-long rally that is welcome by revenue struggling countries like Nigeria.
Oil prices began strengthening mid July when both OPEC and non-OPEC oil producing countries began meeting to re-balance oil market supply and demand. Basket price has risen since the first signs of agreement, from $46.40 on July 17 to $49.46 last Friday amid firm resolve by oil producing countries to re-balance the market.
Cuts where promised last week by major producers including Russia, Saudi Arabia and the United Arab Emirate following a production limit meeting in Russia. The news of the meeting and the declining US crude inventories boasted the market last week.
Analysts expect the up-ward push to continue this week amid signs that immediate demand is still holding healthy.