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Crude oil prices retreated in March, with Brent Blend falling to lows in the $110 range, before recovering modestly. West Texas Intermediate also fell, but returned to settle at around $95/bbl. Global demand continued to be sluggish, as European economies struggled with persistent uncertainties. OPEC production rose 150,000 bpd, the majority of the increase coming from Iraq. Outside OPEC, increased North American production was offset by declines in Europe and Latin America. The U.S. rotary rig count stayed flat at around 1,760 rigs, remaining about 12% below its level a year ago. The non-U.S. rig count climbed again, to 1,924.
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