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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil moved lower in June, retreating by $12.29 (13.0 percent) to $82.41 per barrel. That drop was concurrent with a strengthening of the dollar and a continuation of plentiful crude stocks, but occurred despite the lagged impacts of an increase in consumption of 109,000 barrels per day (BPD) -- to 18.3 million BPD -- during April,. Oil consumption in April was just slightly above its September 2008 nadir.
The price spread between Brent crude (the predominant grade used in Europe) and WTI narrowed slightly in May (June Brent data was not yet available when this was written), to $15.64 per barrel. Brent and WTI prices had been essentially identical until the end of 2010.
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