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” […]

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By Vicky Ellis

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.