Record high global crude inventories…
Oil prices gained slightly on…
The OPEC Reference Basket (ORB) of 13 crude oils was up to US$46 per barrel on Monday, for a US$0.27 increase over last Friday’s price of US$45.73, according to data released Tuesday morning by the OPEC Secretariat.
The OPEC Reference Basket of Crudes (ORB) comprises the following: Murban (UAE), Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), 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) and Merey (Venezuela).
Oman Crude oil, traded on the Dubai Mercantile Exchange (DME), was up almost 100 percent from January, with DME Oman futures contracts for August crude closing at US47.16 per barrel, up US$0.52 from the prior session.
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Oman futures had dipped as low as US$23.72 per barrel in January.
Tuesday has also seen the highest volume of trading in DME Oman Crude Oil Futures since February 2014, according to Oman news agencies, which report over six million barrels of trade on Tuesday in the five-minute marker window.
“The rebound in prices is probably a vindication of the OPEC policy of the past two years, although the trajectory for the balance of the year is likely to remain very volatile,” the Times of Oman quoted Owain Johnson, Managing Director of the DME, as saying
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At the same time, Brent crude for August delivery opened at US$50.46 per barrel in Tuesday trading, down 0.01 percent from the previous session. On Monday, it hit a high of US$50.83 before settling down at US$50.55 in its strongest showing since November last year.
NYMEX crude for July delivery was still at $49.69 per barrel in Tuesday opening trade. At the close of trading Monday, WTI July delivery was up 2.2 percent, settling at US$49.69 per barrel.
By Charles Kennedy of Oilprice.com
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Charles is a writer for Oilprice.com