The price of OPEC basket of 14 crudes stood at $45.28 a barrel on Thursday, compared with $45.25 the previous day, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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), Murban (UAE) and Merey (Venezuela).
Meanwhile, MarketWatch reports that crude oil prices stepped lower on Friday as market players waited for Federal Reserve Chairwoman Janet Yellen’s speech later Friday for hints on U.S. monetary policy.
On the New York Mercantile Exchange, crude futures for delivery in OctoberCLV6, -0.44% traded at $47.24 a barrel, down nine cents, or 0.2%. October Brent crude on London’s ICE Futures exchange LCOV6, -0.93% fell 20 cents, or 0.4%, to $49.47 a barrel.
Yellen is due to deliver a speech at 10 a.m. Eastern Time at the annual central bankers’ summit at Jackson Hole, Wyo. Analysts and economists will scrutinise her remarks for clues about rate increases in the coming months and the Fed’s preparations to tackle the next economic downturn.