It hasn’t yet fallen below $103 and still has a way to go to reach $100, which Saudi Oil Minister Ali An-Naimi has said is a fair price so far as he is concerned. Turning to the monthly averages, the price is very clearly back in the range where it was for most of last year and the elevated average for February, March and April is looking even more like a short spike following the announcement of new EU and US sanctions, producing a fear that has now worn off.