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OPEC oil price drops below $46/bbl

Tuesday, July 11
The price of OPECís basket of 13 crudes stood at $45.11 per barrel on July 6, as compared to $46.52 per barrel on July 6, the cartel said in a message on its website.

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).

The price for August futures of Brent crude oil has increased by 0.49 percent to $46.94 per barrel as of 06:33 (UTC +4).

This is while the price for August futures of West Texas Intermediate (WTI) has grown by 0.41 percent and stood at $44.41 per barrel.