•On Wednesday, the decision by OPEC members to maintain formal output at 28 million b/d and a bearish set of US inventory data figures pushed prices down. The April IPE Brent contract slipped briefly below $60/barrel for the first time since February 23 before settling at $60.03, a loss of $1.32. --The latest US inventory data figures showed a 6.8 million build in crude stocks over the past four weeks to 335.1-million barrels, the highest level since April 30, 1999.
 
•The ongoing situation over Iran is also providing some support to the price of Brent as attempts to reach a diplomatic solution to concerns over Iran's nuclear program prove elusive. "The market cannot ignore the fact that the Iran situation is dragging on and no-one knows the outcome for sure and there is still the potential for fireworks," said a London-based fund manager.

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