The price of OPEC basket of fourteen crudes stood at $54.23 a barrel on Tuesday, compared with $53.70 the previous day, according to OPEC Secretariat calculations.
This comes as oil prices edged up on Wednesday, rising for a third day on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain, according to Reuters.
Price support is also coming from economic growth, which the International Monetary Fund (IMF) forecast late on Tuesday would be 3.6 percent globally this year and 3.7 percent for 2018.
A pact between OPEC and other producers including Russia to cut output by 1.8 million barrels per day (bpd) in order to prop up prices is due to expire by the end of March 2018.
The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), 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).
Source: The Baghdad Post