The Organization of the Petroleum Exporting Countries' (OPEC) daily basket oil price dropped to $16.87 on April 1st from $22.61 the previous day, Reuters reported on Thursday.

According to Reuters, the basket includes Algeria's Saharan Blend, Angola's Girassol, Congo's Djeno, Equatorial Guinea's Zafiro, Gabon's Rabi Light and Iran Heavy as well as Iraq's Basra Light, Kuwait Export, Libya's Es Sider, Nigeria's Bonny Light, Saudi's Arab Light, the UAE's Murban and Venezuela's Merey.

Market reaction

The price of the barrel of West Texas Intermediate (WTI) doesn't seem to be impacted on this headline. As of writing, the WTI was up 5.65% on the day at $22.37.

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