More evidence that the global economy remains in the doldrums kept prices under pressure, although relatively strong refining margins slowed the rate of decline. Atlantic basin benchmark North Sea Dated fell by $2.10/bl to $112.08/bl in the week to 28 February. US light sweet marker WTI lost 79￠/bl to close at $92.05/bl. US prices were supported by a lower-than-expected increase in crude stocks of 1.1mn bl. Inventories at the WTI price hub at Cushing, Oklahoma, fell marginally, although at 50.6mn bl, they are still close to record highs. Further support for US crude came from rising refinery throughputs, with utilisation up by 2.2 percentage points to 85.1pc.
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