OPEC price goes up despite market's downward trend

The price of OPEC basket of thirteen crudes stood at $51.50 a barrel on Monday, compared with $50.87 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).

This comes as oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves, according to Reuters.

Brent crude futures LCOc1 were trading down 43 cents, or 0.8 percent, at $53.44 per barrel at 0643 GMT.

U.S. West Texas Intermediate (WTI) futures CLc1 were at $50.71, down 42 cents, or 0.8 percent.