January 2012 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 January, advancing by $1.67 (1.7 percent) to $100.24 per barrel. That rise coincided with slight weakening of the dollar and the lagged impacts of an increase in consumption of 171,000 barrels per day (BPD) -- to 18.7 million BPD -- during November, but occurred despite a rebound in crude stocks during January. Although Brent crude (the predominant grade used in Europe) appeared to be cheaper than WTI in December (January data was not yet available when this was written), the dollar-euro exchange rate at the time meant it was in fact over $9 per barrel more expensive than WTI on a U.S.-dollar basis ($107.87 versus $98.57, respectively).
 

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