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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil retreated
in July (-$8.30), to $51.52 per barrel. The price decrease coincided with a stronger
U.S. dollar, the lagged impacts of an 80,000 barrel-per-day (BPD) increase in
the amount of oil supplied/demanded in May (to 19.1 million BPD), and generally
stable oil stocks. The monthly average price spread between Brent crude (the
predominant grade used in Europe) and WTI widened by $3.89 in July, to $5.55
per barrel.
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Given
the downward momentum in futures price, additional fallout in spot oil prices cannot
be discounted.
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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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