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OPEC oil higher despite downward market trend

Oil&Gas Materials 13 April 2010 14:01 (UTC +04:00)
The basket price of the Organization of the Petroleum Exporting Countries (OPEC) defied the downward trend in global oil markets by gaining 0.23 dollars at the start of the week, the group's data showed Tuesday.
OPEC oil higher despite downward market trend

The basket price of the Organization of the Petroleum Exporting Countries (OPEC) defied the downward trend in global oil markets by gaining 0.23 dollars at the start of the week, the group's data showed Tuesday.

OPEC crude inched up to 82.20 dollars per barrel (159 litres) on Monday, DPA reported.

Both benchmark brands, West Texas Intermediate and North Sea Brent, have fallen since April 6, while OPEC brands regained some ground in the last two trading days.

Analysts at JBC Energy in Vienna said oil prices were being corrected downward, as commodity markets again focus on oversupply and slow demand recovery, rather than reacting to currency movements and stock markets.

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