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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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Friday, November 4, 2011

October 2011 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil ticked higher in October, advancing by $0.80 (0.9 percent) to $86.41 per barrel. That rise coincided with the lagged impacts of an increase in consumption of 598,000 barrels per day (BPD) -- to 19.2 million BPD -- during August and a continued drop in crude stocks during October, but occurred despite a slightly stronger dollar. Although Brent crude (the predominant grade used in Europe) appeared to be cheaper than WTI in September (October data was not yet available at the time of this writing), it was in fact over $27 per barrel more expensive than WTI on a U.S.-dollar basis ($112.83 versus $85.61, respectively).
 
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