Oil prices have eased back through October and early November, with some benchmarks reaching 5-month lows.
The price of Kuwait Export Crude (KEC) slipped from $107 per barrel (pb) in mid-October to $101 in the first week of November, its lowest since early July. Brent crude prices followed a similar pattern, falling from $112 in early October to under $103 – some $14 below its end-August peak. The price of the main US benchmark – West Texas Intermediate (WTI) – witnessed larger declines, falling by more than $16 from its early September peak of $111. WTI prices fell below $100 pb for the first time in more than 3 months. Accordingly, WTI’s discount to Brent widened from $1 in mid-July to as high as $12 in late October.
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