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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil fell
for a third month in November, by $6.46 (6.4 percent) to $94.07 per barrel.
That price drop occurred despite the lagged impacts of a modest increase in
consumption of 25,000 barrels per day (BPD) to 19.1 million BPD in September,
but coincided with a strengthening of the dollar and a noticeable increase in
crude stocks. The weaker
euro and reduced non-U.S. supply widened the monthly average price spread
between Brent crude (the predominant grade used in Europe )
and WTI by $4.53 in November, to $13.07 per barrel.
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Futures
prices retreated -- especially the near-term contracts -- largely because of
the lifting of sanctions against Iran
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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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