WORLD OIL DEMAND GROWTH: 1.05 MB/D
Oil market highlights
Crude Oil Price Movements
The OPEC Reference Basket fell by $4.86 in August to stand at $100.75/b. Nymex WTI declined by $6.32 to $96.08/b and ICE Brent dropped $4.79 to $103.40/b. Speculators sharply cut net long positions amid ample supply and low demand. The Brent-WTI spread widened to around $7.30/b as stock draws at Cushing, Oklahoma, have finally stalled.
World economic growth for 2014 and 2015 remains unchanged at 3.1% and 3.4%
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