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OPEC oil price goes down

19 July 2016 [16:49] - TODAY.AZ

/By Azernews/

By Rashid Shirinov

The price of OPEC oil basket went down on July 19 following its previous rise fixed a day before.  

The OPEC oil basket amounted to $43.36 per barrel on 18 July, thus slightly exceeding the price of July 15 by $0.12.

The situation in Turkey and the statistical data obtained from the U.S. are said to be the main reasons for the ascending trend in oil prices.

Market traders warn that because of the political situation in Turkey, the passage of vessels through the Bosphorus strait could be closed for a while. That is alarming because Turkey transfers oil and oil products from the Caspian region, Russia and the Middle East to Europe in the amount of 2.5-3 million barrels a day.

The OPEC's price is the average index of physical prices for the following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

As for the North Sea Brent oil, it made a 0.38-percent reduction to $46.78 per barrel for June 19, while August futures of the American West Texas Intermediate (WTI) decreased by 0.44 percent to $45.04 per barrel.

URL: http://www.today.az/news/business/152722.html

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