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OPEC daily basket rises to 31.70 dollars

Vienna, March 31, IRNA -- The price of the OPEC basket of seven crude stood at 31.70 dollars a barrel on Tuesday, compared with 31.13 dollars the previous day, according to OPEC Secretariat calculations.

Energy futures prices advanced in trading on the New York Mercantile Exchange (NYMEX) Tuesday.

West Texas Intermediate (WTI), the American benchmark crude gained 80 cents to rest at 36.25 dollars per barrel for May delivery, while the June contract stood at 35.50 dollars, up by 85 cents.

The market took reports coming out of Vienna ahead of the OPEC Meeting today to mean that the organization would go ahead with its planned production cut of one million b/d from 1 April.

The earlier belief that the production cut might be delayed gave way to expectations of OPEC following through on its February decision.

This change of attitude came mostly in the light of statements from OPEC Ministers.

Meanwhile, in trading on the International Petroleum Exchange (IPE) in London on Tuesday, North Sea Brent crude ended the day 71 cents firmer at 32.45 dollars a barrel.

... Payvand News - 3/31/04 ... --

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