Oil prices escalated July 10 with front-month crude up 2.9% in the New York futures market following a bullish government report of an unexpected surge in commercial US inventory last week.
“Oil rose on both sides of the Atlantic despite news that Chinese imports of crude declined to their lowest level in 9 months,” said analysts in the Houston office of Raymond James & Associates Inc. North Sea Brent inched up 0.4% “on higher demand forecasts made by the Organization of Petroleum Exporting Countries, dropping the West Texas Intermediate-Brent spread to less than $3, its lowest level since 2010.”And with all the pipeline and CBR in place, the Bakken-WTI spread will narrow.
Gradually, every so gradually, oil is becoming a world-wide commodity again (same price world-wide).
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