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Spot prices of Brent crude oil averaged $107/bbl in July, marking the 13th consecutive month in which the average price has ranged $107-112/bbl. Compared with the volatility seen as recently as 2 years ago when Brent spot prices ranged as high as $125/bbl in March 2012 to as low as $95/bbl in June
Brent crude oil prices dropped more than $1/bbl but still hovered above $80/bbl in Nov. 12 settlement prices for December and January 2015 delivery while prices for US light, sweet crude dropped more than 70Â¢/bbl on the New York market.
Crude oil prices fell below $61/bbl for January delivery on the New York market Dec. 10 after the Organization of Petroleum Exporting Countries lowered its 2015 world oil demand growth forecast and after a weekly US government report showed a build in crude oil supplies.
Crude oil prices fell only slightly on the New York market Oct. 15 after plunging the previous day. Brent crude oil prices fell by more than $1/bbl on Oct. 15, and the average for the Organization of Petroleum Exporting Countries basket dropped more than $3/bbl.
Crude oil prices fell only slightly on the New York market Oct. 20 after the US light, sweet crude benchmark tumbled much of last week and has been down for 3 consecutive weeks while Brent crude oil prices have declined on the London market for 4 consecutive weeks.
Crude oil prices extended their slump on the New York market with a Dec. 11 settlement of less than $60/bbl for January, and prices continued downward in early Dec. 12 trading after the International Energy Agency cut its global oil demand growth forecast for 2015.
The price of crude oil climbed 2.1% in a strong rally Apr. 2. Natural gas also rose 1.2% in the New York futures market, but in the cash market gas hit a 10-year low.
Crude oil prices continued falling for the fifth consecutive session, with the front-month contract down 1% May 8 in a mixed New York futures market amid suggestions Saudi Arabia may release more oil to help reduce prices.
The front-month crude contract posted a modest loss Feb. 14 in the New York market when an end-of-session rally failed to lift it out of the red. However, natural gas regained 4.4% on the prospect of greater utility turnarounds.
The front-month crude contract price dipped slightly Sept. 12 in the New York futures market, ending a seven-session rally. Natural gas continued climbing, however, with the front-month contract closing above $3/MMbtu.