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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil retreated
by $3.62 (3.7 percent) in January, falling to $94.06 per barrel. That price decrease
coincided with a slightly stronger U.S. dollar, the lagged impacts of an
increase in oil supplied -- +140,000 barrels per day (BPD) to 19.4 million BPD --
in November, and no appreciable change in crude stocks. The monthly average
price spread between Brent crude (the predominant grade used in Europe ) and WTI widened by $0.83 in January, to $13.94
per barrel.
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ASPO-USA
attributed the recent price increases of near-term contracts to cold weather.
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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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