The price of OPEC basket of fourteen crudes stood at $47.11 a barrel on July 25, compared with $46.01 the previous day, the cartel said in a message.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of 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).

On July 26 oil prices continue rising. The price for September futures of Brent oil increased by 1.02 percent to $50.71 per barrel as of 3:22 a.m. EDT (UTC-4). The price for September futures of West Texas Intermediate (WTI) rose by 1.27 percent and stood at $48.50 per barrel as of 3:22 a.m. EDT (UTC-4).