OPEC price booms over extended cuts

The price of OPEC basket of thirteen crudes stood at $51.96 a barrel on Wednesday, compared with $51.34 the previous day, according to OPEC Secretariat calculations.

Oil prices jumped this morning ahead of the Opec meeting in Vienna that is expected to extend output cuts into 2018, adding at least nine months to an initial six-month deal, a report on the Telegraph said.

Brent crude jumped 0.93pc to $54.46 a-barrel in early trade.

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).