OPEC daily basket price inches up to more than 108$

Shafaq News / The price of OPEC basket of thirteen crudes stood at US$108.05 a barrel, compared with US$106.23 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Oil futures were mixed on Wednesday, recovering from early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai's extended lockdown.

Brent crude futures were up 11 cents, or 0.1%, at $106.75 a barrel as of 0339 GMT, having fallen to $105.06 earlier in the session.

U.S. West Texas Intermediate futures fell 11 cents, or 0.1%, to $101.85 a barrel, after dipping to as low as $100.37 in early trade.