OPEC oil price sees re­cov­ery

7 Days in Dubai - - BUSINESS -

The OPEC Ref­er­ence Bas­ket av­er­aged $37.86 per bar­rel in April, a gain of $3.21 or 9.3 per cent. This was 40 per cent higher than the lows reached in the be­gin­ning of 2016, buoyed by ex­pec­ta­tions for an im­prov­ing mar­ket, and de­spite the cur­rent per­sis­tent over­sup­ply, ac­cord­ing to OPEC’s Monthly Oil Mar­ket Re­port for May. World eco­nomic growth is fore­cast at 3.1 per cent in 2016, af­ter es­ti­mated growth of 2.9 per cent last year, both un­changed from the pre­vi­ous month.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.