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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil moved lower in May, retreating by $8.63 (8.4 percent) to $94.70 per barrel. That drop was concurrent with a strengthening of the dollar, the lagged impacts of a decrease in consumption of 714,000 barrels per day (BPD) -- to 18.0 million BPD -- during March, and a surge in crude stocks since mid-March. Oil consumption in March slumped nearly to its September 2008 nadir.
The price spread between Brent crude (the predominant grade used in Europe) and WTI narrowed slightly in April (May Brent data was not yet available when this was written), to $16.42 per barrel. Brent and WTI prices had been essentially identical until the end of 2010.
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