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Review of world oil prices for Jan. 4-8

Review of world oil prices for Jan. 4-8

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Date: 12 January 2016 12:52

Baku, Azerbaijan, Jan. 12

By Aygun Badalova - Trend:

The average spot price for nine varieties of world oil types last week (January 4-8) amounted to $33.04 per barrel compared to $35.2 per barrel the previous week.

The highest average spot price was observed on American WTS crude oil, which amounted to $34.79 per barrel last week compared to $37.13 per barrel the previous week. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.

The average spot price for the American West Texas Intermediate (WTI) last week decreased by $2.37 per barrel to $34.65 per barrel. WTI's density is 40-degrees API with a 0.4-05-percent sulfur content. This oil is mainly used to produce gasoline and therefore the demand is high, particularly in the U.S. and China.

North Sea Forties, which amounted to $34.62 per barrel compared to $37.4 per barrel the previous week. Forties has a low sulfur content and high potential to produce gasoline. Its density is about 40.3-degrees API with a 0.56-percent sulfur content.

Bonny Light oil produced in Nigeria, amounted to $34.57 per barrel compared to $36.62 per barrel the previous week. The density of Bonny Light, used to determine the price of other brands of oil exports in the Gulf, is 33.4-degrees API with a 0.16-percent sulfur content.

The average price for Brent last week decreased by $2.37 to $34.19 per barrel. The density of Brent Dated is 38.6-39 -degrees API, with up to 1-percent sulfur content.

Last week the average spot price for the high-sulfur oil Urals stood at $32.72 per barrel compared to $35.02 per barrel the previous week. Urals' density is 32 degrees API with sulfur content up to 1.3 percent.

The average spot price for American Mars amounted to $31.29 per barrel last weel compared to $33.26 per barrel the previous week. The density of Mars is 28.9-degrees API with a 2.05-percent sulfur content.

The average spot price for OPEC oil basket price last week amounted to $30.48 per barrel compared to $31.8 per barrel the previous week. The OPEC's price is the average index of physical prices for the following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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).

Last week the lowest average spot price was observed for Dubai Crude, which amounted to $30.04 per barrel compared to $32 per barrel the previous week. Dubai Crude is a marker grade of oil produced in Dubai and used as a benchmark in setting prices of other brands of oil exports in the Gulf region. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.

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