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The monthly average U.S.-dollar price of West Texas Intermediate (WTI) crude oil jumped higher in November, advancing by $10.80 (12.5 percent) to $97.21 per barrel. That rise occurred despite continued strengthening of the dollar, and the lagged impacts of a decrease in consumption of 358,000 barrels per day (BPD) -- to 18.8 million BPD -- during September, but coincided with a downward trend in crude stocks during November. Although Brent crude (the predominant grade used in Europe) appeared to be cheaper than WTI in October (November data was not yet available at the time of this writing), the dollar-euro exchange rate at the time meant it was in fact over $23 per barrel
more expensive than WTI on a U.S.-dollar basis ($109.55 versus $86.41, respectively).
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