Monday, July 28, 2008
OPEC Monthly Oil Market Report, March 2008
12:04 AM |
OPEC Monthly Oil Market Report, March 2008
The OPEC Reference Basket averaged $90.64/b in February, representing a gain of $2.29 or 2.59% over the previous month. Prices were pushed higher by US dollar weakness, which encouraged the continued inflow of funds into the paper-oil market as investors sought to hedge against inflation and currency fluctuations. Revived geopolitical developments also pressured the market, although the upward trend was capped by builds in US crude oil and gasoline stocks. The Basket surged into the first week of March peaking above the $100/b level amid continued dollar depreciation and a late winter cold snap in North America. The OPEC Reference Basket price reached $102.39/b on 13 March. [Download]
The OPEC Reference Basket averaged $90.64/b in February, representing a gain of $2.29 or 2.59% over the previous month. Prices were pushed higher by US dollar weakness, which encouraged the continued inflow of funds into the paper-oil market as investors sought to hedge against inflation and currency fluctuations. Revived geopolitical developments also pressured the market, although the upward trend was capped by builds in US crude oil and gasoline stocks. The Basket surged into the first week of March peaking above the $100/b level amid continued dollar depreciation and a late winter cold snap in North America. The OPEC Reference Basket price reached $102.39/b on 13 March. [Download]
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