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This Week In Petroleum


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This Week In Petroleum

A real downturn or just a pause? Projected increases in world oil consumption may require higher production from OPEC countries World benchmark crude oil prices, which reached their highest level this year at the end of April, fell by more than 10 percent by May 9 and have since moved in a relatively narrow range.  A slowdown in the pace of U.S. and global economic recovery and recent increases in crude oil and gasoline inventories in the United States and elsewhere seemed to suggest softening market conditions in what is often the weakest time of the year, as have recent U.S. demand data suggesting slowing gasoline and jet fuel consumption compared to last year.  Since rising close to $4 per gallon during the first half of May, the national average retail price of regular gasoline has dropped about 20 cents.

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