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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil slowed its ascent in September, advancing by $0.56 (0.6 percent) to $94.72 per barrel. That rise was concurrent with a weakening of the dollar, but occurred despite the lagged impacts of a decrease in consumption of 314,000 barrels per day (BPD) -- to 18.6 million BPD -- during July, and an up-swell of crude stocks.
The price spread between Brent crude (the predominant grade used in Europe) and WTI expanded again in August (September Brent data was not yet available when this was written), to $19.20 per barrel. Brent and WTI prices had been essentially identical until the end of 2010.
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