OPEC oil price down by $0.58

OPEC oil basket’s price stood at $34.33 per barrel on March 31, or $0.58 less than on March 30, the cartel told Trend April 1.

The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of 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).

Global oil prices returned to negative dynamics on April 1 due to the pressure of rising dollar prices on the threshold of the publication of statistical data on the US labor market, as well as concerns over the continuing oversupply in the market.

The price for June futures of the North Sea Brent oil mix decreased by 0.74 percent – up to $40.03 per barrel, while the price of May futures for WTI oil decreased by 0.78 percent – up to $38.04 per barrel April 1 as of 12:11 (UTC/GMT+4 hours).

Source: Trend