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Wednesday, January 4, 2012

December 2011 Monthly Average Crude Oil Price

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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil moved higher in December, advancing by $1.36 (1.4 percent) to $98.57 per barrel. That rise occurred despite continued strengthening of the dollar, and the lagged impacts of a decrease in consumption of 232,000 barrels per day (BPD) -- to 18.6 million BPD -- during October, but coincided with a continued downward trend in crude stocks during December. Although Brent crude (the predominant grade used in Europe) appeared to be cheaper than WTI in November (December data was not yet available when this was written), the dollar-euro exchange rate at the time meant it was in fact nearly $13 per barrel more expensive than WTI on a U.S.-dollar basis ($110.77 versus $97.21, respectively).
 
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