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Download Monthly Oil Market Report - December 2023
In November, the OPEC Reference Basket (ORB) fell by $6.86, or 7.5%, m-o-m to average $84.92/b. Oil futures prices trended lower amid increased volatility, with the ICE Brent front-month contract dropping by $6.67, or 7.5%, m-o-m to $82.03/b, and the NYMEX WTI front-month contract dropping by $8.09, or 9.5%, to average $77.38/b. The DME Oman front-month contract dropped by $6.25, or 7.0%, m-o-m to settle at $83.06/b. The front-month ICE Brent/NYMEX WTI spread widened by $1.42 in November to average $4.65/b. The market structure weakened, with the front end of the ICE Brent and DME Oman futures forward curves ... (full story)