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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil dropped
in October, falling by $5.24 (4.9 percent) to $101.05 per barrel. That price decrease
occurred despite a weakening of the dollar and the lagged impacts of a modest increase
in consumption of 45,000 barrels per day (BPD) to 19.1 million BPD in August;
the price rise also coincided with a noticeable increase in crude stocks. The monthly
average price spread between Brent crude (the predominant grade used in Europe )
and WTI expanded by $2.88 in October, to $8.19 per barrel.
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The foregoing comments represent the
general economic views and analysis of Delphi Advisors,
and are provided solely for the purpose of information, instruction and
discourse. They do not constitute a solicitation or recommendation regarding
any investment.
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