Review of 13 world oil prices for March 28-April 1
Azerbaijan, Baku, April 4 / Trend A.Badalova /
Oil prices in the world markets in the end of last week reached its maximum over the last 30 months amid the positive data about the U.S. economy. The unemployment rate reduced from 8.9 percent to 8.8 percent in March.
As a result of trades on Friday, March 1, May futures price for Brent increased by $1,34 up to $118.7 per barrel. It is the highest rate since August 2008. Cost of the May futures for the U.S. WTI oil on the New York Mercantile Exchange increased by $1.22 up to $107.94 per barrel.
The average spot price in 13 varieties (including North American) last week amounted to $113.26 per barrel or $0.28 per barrel more than the average price the previous week.
The highest average price was observed on the Minas oil produced in Indonesia, which amounted to $121.53 per barrel last week or $0.67 per barrel less than the price the previous week. The price for Minas is used in setting prices for other brands of oil exports in the Gulf region. Its density is 35.3-degrees API, with a 0.09-percent sulfur content.
Average price for the Malaysian oil Tapis hit $120.83 per barrel compared to $120.76 per barrel the previous week. This type is used as a reference for the oil-producing zone of the Far East. Tapis's density is 45.5-degrees API with a 0.1-percent sulfur content.
Average price for the Bonny Light oil produced in Nigeria. It amounted to $120.57 per barrel. The density of Bonny Light, used to determine the price of other brands of oil exports in the Gulf, is 33.4-degrees API with a 0.16-percent sulfur content.
Average price for North Sea Oseberg oil increased by $0.89 per barrel and hit $118.4 per barrel. The density of Oseberg is 37.8-degrees API with a 0.27-percent sulfur content.
The price of Brent last week was $117.3 last week compared to $116.32 per barrel the previous week. Brent Dated's density is 38.3-degrees API, with a 0.36-percent sulfur content.
The average spot price for North Sea Forties increased by $1,11 per barrel and hit $116.5 per barrel last week. Forties has a low sulfur content and high potential to produce gasoline. Its density is about 40.3-degrees API with a 0.56-percent sulfur content.
Average spot price for the high-sulfur oil Urals, which is a mixture of oil produced in the Khanty-Mansi Autonomous District and Tatarstan was $112.5 per barrel. The main producers of Urals oil is the Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft, TNK-BP and Tatneft companies. Abroad, this oil is known under the name Siberian Light. In Russia, oil futures for Urals are traded on the FORTS market at the RTS stock exchange.
Average spot price for the American Mars oil decreased by $1.45 and hit $111.84 per barrel. Mars's density is 28.9-degrees API with a 2.05-percent sulfur content.
Last week, the average spot price for the benchmark grade of oil from the Middle East Oman decreased by $0.56 and hit $109.72 per barrel. The density of the Oman oil is 36.3-degrees API, with a 0.8-percent sulfur content.
The average spot price for the OPEC oil basket hit $110.55 per barrel in last week. The OPEC's price is the average index of physical prices for the following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Last week, the average spot price for a marker grade of oil produced in Dubai and used as a benchmark in setting prices of other brands of oil exports in the Gulf region Dubai Crude amounted to $105.83 per barrel. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.
Last week, the average spot price for the American West Texas Intermediate (WTI) reached $105.03 compared to $104.37 per barrel the previous week. WTI's density is 40-degrees API with a 0.4-05-percent sulfur content. This oil is mainly used to produce gasoline and therefore the demand is high, particularly in the U.S. and China.
The lowest average spot price was observed for the American WTS crude oil at $101.7 increasing by $1.06. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.