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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil moved higher in July, advancing by $5.52 (6.7 percent) to $87.93 per barrel. That rise was concurrent with a weakening of the dollar, the lagged impacts of an increase in consumption of 377,000 barrels per day (BPD) -- to 18.7 million BPD -- during May, and a drawdown of still-plentiful crude stocks.
The price spread between Brent crude (the predominant grade used in Europe) and WTI narrowed slightly in June (July Brent data was not yet available when this was written), to $12.75 per barrel. Brent and WTI prices had been essentially identical until the end of 2010.
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