Oil prices simmered down during March, suggested new figures released by OPEC yesterday.

The Organisation of Petroleum Exporting Countries said its reference basket – basically its benchmark price – “retreated” by more than 5% in March to an average of $106.44 per barrel (/b). This was put down to all grades of oil counted in the basket dropping in value.

Less demand from refineries temporarily closed for maintenance “was a key in pushing prices lower” for one type of oil, WTI (West Texas Intermediary) stated the Middle Eastern oil group’s monthly report. Indication the US is on a faster path to economic recovery meant the oil “capped” its losses.

The report said a number of refineries across the globe saw unscheduled shut-downs due to operational limitations and hurricanes in the
Americas.

This, “coupled with renewed Euro-zone fears”, was enough to shave off more than 5% of ICE Brent’s value, OPEC added.