Crude oil prices have recovered slightly after hitting 14-year lows earlier in Q1. North Sea Brent futures averaged $33.5 per barrel in February, up by around $1.5 from January. Brent futures bounced further to around $40/bbl in early March, hitting $41.48/bbl before losing momentum.
The modest price gains were prompted by reports that OPEC planned to hold a meeting with non-OPEC countries, including Russia, in March or early April. But it is doubtful this will have a tangible impact on the flooded oil market. Signs that crude production in the United States was beginning to respond to lower oil prices also helped support prices.
Log in or register for a free trial to continue reading this article
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up