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Oil prices 50% below last year's levels

High stocks have pressured the oil price but April saw them begin to rise again

Oil futures prices eased in March, pressured by sharply higher supplies from Middle East Opec producers and a relentless build in US crude stocks as refiners in Europe and Asia prepared for maintenance. But prices started to rise during the first half of April on expectations that the sell-off in oil that began last summer was losing steam. WTI was trading at around $56.61 a barrel (/b) as Petroleum Economist went to press, while Brent was trading at roughly $62.08/b, around 50% below last June’s peak. But oil prices are expected to slip in the second quarter as refineries undergo seasonal maintenance work, particularly in Asia, one of the crude market’s biggest props, analysts believe. S

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