Oil Prices Dropped $2 During October: OPEC

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Hira Shahnawaz Akhtar
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Updated on

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 “All Basket component values moved lower, but by varying degrees. Most components were affected by high crude oil inventories, as refineries entered into autumn seasonal turnaround…

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.