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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Monday, September 5, 2011

August 2011 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil slumped by $10.86 (11.2 percent) to $86.33 per barrel in August. That drop coincided with a slightly stronger dollar and a modest rise in crude stocks during August, but occurred despite the lagged impacts of an increase in consumption of 914,000 barrels per day (BPD) -- to 19.3 million BPD -- during June. Although Brent crude (the predominant grade used in Europe) appeared to be cheaper than WTI in July (August data was not yet available at the time of this writing), it was in fact nearly $20 per barrel more expensive than WTI on a U.S. dollar basis ($116.97 versus $97.19, respectively).
 
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