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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil rose
by the most since December 2013, up $3.49 to $105.79 per barrel. That price rise
occurred despite a slightly stronger U.S. dollar and the lagged impacts of an
increase in the amount of oil supplied in April -- 257,000 barrels per day
(BPD), to 19.0 million BPD; it coincided with further contractions in crude
stocks, however. The monthly average price spread between Brent crude (the
predominant grade used in Europe) and WTI narrowed by $1.24 in June, to $6.00
per barrel.
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The
increase in oil futures prices was attributed to a combination of President
Obama commenting that “the crisis in Iraq will be long lasting,” the deployment
of U.S. military assessment teams to Iraq, and the Obama administration’s
clearing the way for the first
exports of unrefined American oil in four decades.
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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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