The price of organization of Petroleum Exporting Countries, OPEC basket of thirteen crudes stood at $36.58 a barrel on Monday, compared with $38.05 the previous Friday, according to OPEC Secretariat calculations.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of 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).
The cartel said OPEC Reference Basket increased by more than 20percent to reach $34.65/b in March.
It noted that ICE Brent ended up $6.26 at $39.79/b and Nymex WTI surged by $7.34 to $37.96/b.
The organization said that speculators have amassed a near- record number of bullish bets on increasing oil prices.
It indicated that theÂ Brent- WTI spread narrowedÂ considerably in March to stand at $1.83/b, prompting renewed US buying interest in West African light sweet grades.
â€œWorld economic growth is forecast at 3.1per cent in 2016 , after estimated growth of 2.9per cent last year, both unchanged from the previous month. OECD growth in 2016 remains at 1.9per cent, slightly below the 2.0per cent seen in 2015.
â€œIn the emerging economies, ChinaÂ and India Â continue to expand this year at 6.3per cent and 7.5per cent, respectively, unchanged fromÂ the previous report. Meanwhile, Brazil is forecast to move further into recession this year, contracting by 2.9per cent, while the contraction in Russiaâ€™s economy is unchanged at 1.1per cent.
â€œWorld oil demand is expected to grow by 1.54 mb/d in 2015, unchanged from the previous report,to average 92.98mb/d. For 2016, global oil demand growth is anticipated to be around 1.20mb/d, representing a minor downward revision of 50tb/d from previous expectations, mainly reflecting the slower economic momentum in Latin America.â€