OPEC Monthly Oil Market Report, March 2021
Spot crude prices surged by more than 13% in February to their highest monthly average since January 2020. Oil prices were supported by ongoing improvements in oil market fundamentals and a futures market that remained bullish in anticipation of a recovery in demand amid restrained global oil supplies. Oil prices extended gains after severe winter weather triggered a supply disruption in the US. The OPEC Reference Basket (ORB) gained $6.67, or 12.3%, to average $61.05/b for the month…
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