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New crude oil supplies stabilize oil prices

02.01.2014  |  Romanow, Stephany,  Hydrocarbon Processing Staff, Houston, TX

Keywords: [crude oil] [WTI] [Brent] [shale oil;] [China]

A new US Energy Information Administration (EIA) report highlighted a positive trend unfolding within the global energy market. The rise in US crude oil production has greatly contributed to stabilizing crude oil prices. As shown in Fig. 1, the annual averaged prices for West Texas Intermediate (WTI) and North Sea Brent crudes have been on a “roller coaster” of highs and lows. It is very easy to identify the recessions in Fig. 1, when demand and oil prices dropped.

  Fig. 1. Average annual spot prices
  for Brent and WTI crudes, 2002–2013.

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