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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil rose
modestly in April, up $1.50 to $102.31 per barrel. That price rise coincided
with a slightly weaker U.S. dollar, which was sufficient to offset the lagged
impacts of an uptick in the amount of oil supplied -- 73,000 barrels per day
(BPD), to 19.0 million BPD -- in February and continued accumulation of crude
stocks. The monthly average price spread between Brent crude (the predominant
grade used in Europe) and WTI narrowed by $1.28 in April, to $5.40 per barrel.
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Oil
futures were falling as our data-collection period came to an end, as according
to ASPO-USA,
“ever-growing US crude stockpiles balanced off an ever-deteriorating Ukrainian
situation.”
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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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