OPEC price dips as output cuts extended

The price of OPEC basket of thirteen crudes stood at $51.34 a barrel on Tuesday, compared with $51.54 the previous day, 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 (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 rose on Wednesday, supported by confidence that an OPEC-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next year, according to a Reuters report.

Brent futures rose to $54.34 per barrel by 0652 GMT, up 19 cents, or 0.35 percent, from their last close.

U.S. West Texas Intermediate (WTI) futures were at $51.64 a barrel, up 17 cents, or 0.33 percent.

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