After reaching a high of $92.16 twelve days ago, WTI dropped below $86 right near the price levels of January 27 when crude settled at $85.63. Mubarak's fate was the geopolitical catalyst for the price moves the past two weeks and his resignation helped to move product lower yet again. Also helping in pushing prices down was the rise of the dollar in today's currency trading.
Brent did not follow WTI down as it went up 17¢ to $101.04. The $15.47 spread between Brent and WTI is the most so far between the two bench mark products. Supplies are tightening in Europe and Brent manifests that market situation while WTI reflects the burgeoning supply situation in Cushing.
For the week, WTI -$3.46, $85.57; Brent +$1.20, $101.04; gasoline +3.02¢, $2.4655; distillate -2¢, $2.6966.
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