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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil rose
by $5.70 (6.0 percent) in February, to $100.39 per barrel. That price increase coincided
with a slightly stronger U.S. dollar, the lagged impacts of a fall-off in oil
supplied -- 332,000 barrels per day (BPD), to 19.1 million BPD -- in December,
and a modest accumulation of crude stocks. The monthly average price spread between
Brent crude (the predominant grade used in Europe )
and WTI narrowed by $4.95 in February, to $8.51 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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