The average global crude oil prices have continued to rise for the fifth consecutive month, the Organisation of the Petroleum Exporting Countries said on Tuesday.
OPEC attributed the continued rise in international oil prices to the supportive oil market fundamentals deployed by the group to stem the earlier plunge in crude oil costs.
It disclosed this in the ‘Highlights of the OPEC Monthly Oil Market Report’ released on Tuesday and obtained by our correspondent in Abuja.
Commenting on crude oil price movements, the organisation said, “Spot crude prices rose for the fifth-consecutive month in March on the back of continuing supportive oil market fundamentals.
“The OPEC Reference Basket increased $3.51 or 5.7 per cent m-o-m (month-on-month) to average $64.56/barrel, the highest on monthly terms since January 2020.”
It added, “In the first three months of 2021, the ORB was up by $8.82, or 17.2 per cent to average $60.22/barrel. Crude oil futures prices were higher in March extending previous monthly gains.”
OPEC stated that the ICE Brent front month rose by $3.42 in March, or 5.5 per cent, to average $65.70/barrel, and NYMEX WTI increased by $3.30, or 5.6 per cent, to average $62.36/barrel.
Brent, against which Nigeria’s crude oil is priced, rose by $0.63 to $63.91 per barrel as of 9:50pm Nigerian time on Tuesday.
Meanwhile, OPEC has increased its oil demand outlook for 2021 just as the bloc and its allies plan to unleash more crude supplies over the next few months, according to S&P Global Platts.