The oil market continues to rally from September as the oil prices sharply inclined during most of the week. The U.S retail sales inclined during September and OPEC reported a slight drop in its oil production; these news items may have contributed to the gains in crude oil prices along with the ongoing recovery of the U.S stock markets during last week.
By the end of the week, Brent added 5.49% to its value and WTI inclined by 1.95%; as a result, the spread between Brent and WTI sharply inclined to $28.70/b on Friday – the widest spread in October.
WTI inclined during last week by 1.95%; its weekly average price sharply inclined by 7.51% as it reached $85.40 per barrel, compared with last week’s $79.43 per barrel. The average daily per cent change of oil price (WTI) was 0.99%.
Brent also sharply inclined by 5.49% during the week, and the average price rose by 7.43% compared with previous week’s average.
The premium of Brent over WTI sharply inclined during the week; its average price was $26.36; it finished the week at $28.70.
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