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OPEC daily basket price slips to 31.57 dollars

Vienna, March 29, IRNA -- The price of the OPEC basket of seven crudes stood at 31.57 dollars a barrel on Friday, compared with 31.93 dollars the previous day, according to OPEC Secretariat calculations.

In London, Brent crude oil futures settled sharply higher on the on the International Petroleum Exchange (IPE) on Friday on renewed market concerns about tight US gasoline supply during the summer months.

The market is tight at present with US oil stocks still dangerously, historically low.

Crude futures have fallen from recent highs of around 33 dollars per barrel but seem likely to remain above 30 dollars for the next several months, whatever OPEC decides in its coming session in Vienna on Wednesday.

May Brent futures settled Friday at 31.83 US dollars per barrel down 1.18 dollars per barrel from the previous close.

... Payvand News - 3/29/04 ... --

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