Choppy oil prices have averaged near $40 per barrel the past three months, and oilfield activity has risen from summer lows. Inventories of distillate improved sharply over the past two months as consumption improved, but refiner margins remain challenged.Despite week-to-week volatility, closing prices for crude oil have averaged near $40 per barrel since September (Chart 1). International benchmark Brent crude averaged $41 in the first half of November. West Texas Intermediate crude oil priced in Midland, Texas—closer to the wells of the Permian Basin—averaged $39. Houston averaged $40. {chart} The U.S. oil and gas ... (full story)