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The
monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil retreated
in August (-$8.03), to $46.58 per barrel. The price decrease coincided with a stronger
U.S. dollar, the lagged impacts of a 474,000 barrel-per-day (BPD) increase in
the amount of oil supplied/demanded in June (to 19.6 million BPD), and only a
minor retreat in oil stocks. The monthly average price spread between Brent
crude (the predominant grade used in Europe) and WTI narrowed by $1.95 in August,
to $3.71 per barrel.
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Despite
the turnaround 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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