Oil Prices Dropped $2 During October: OPEC

The Organization of the Petroleum Exporting Countries (OPEC) recently released its oil market report for the month of October 2013 and has revealed that the OPEC Reference Basket Price declined by USD 2.04 during the month after four months of consecutive gains. This is in-line with analyst expectations that crude oil prices are finally heading towards the anticipated sequential decline.

Figure 1: Crude oil prices during the past year

Oil refineries autumn seasonal turnaround

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