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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil moved “sideways” in August, retreating by just $0.72 (0.8 percent) to $85.61 per barrel. That drop coincided with a stronger dollar and the lagged impacts of a decrease in consumption of 722,000 barrels per day (BPD) -- to 18.6 million BPD -- during July, but occurred despite a noticeable drop in crude stocks during September. Although Brent crude (the predominant grade used in Europe) appeared to be cheaper than WTI in August (September data was not yet available at the time of this writing), it was in fact nearly $24 per barrel more expensive than WTI on a U.S.-dollar basis ($110.22 versus $86.33, respectively).
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