OPEC’s benchmark oil price rose above $105 in February

The price of oil from the Organisation of Petroleum Exporting Countries (OPEC) inched above $105 per barrel over February. Though it had subsided to $103.75 a barrel by Wednesday (12 March), OPEC’s reference basket last month edged up by around 70 cents. The oil group’s monthly report released this week said this was a result […]

Oil prices simmered down in March says OPEC

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 […]

Optimism on world economy ‘pushed up February oil prices’

Growing optimism about the world economy’s recovery pushed up oil prices last month according to a monthly oil report from the Organisation of Petroleum Exporting Countries (OPEC). The Middle Eastern group’s reference basket – their average benchmark for prices – rose to an average of $112.75 per barrel in February, an increase of $3.47/b or […]