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As U.S. debates oil exports, long-term prices slump below $80

Posted on 04 February 2014

Long-term U.S. oil prices have slumped to record discounts versus Europe’s benchmark Brent, with some contracts dropping below $80 in a dramatic downturn that may intensify producers’ calls to ease a crude export ban.
Oil for delivery in December 2016 has tumbled $3.50 a barrel in the first two weeks of the year, trading at just $79.45 on Friday afternoon, its lowest price since 2009. That is an unusually abrupt move for longer-dated contracts that are typically much less volatile than prompt crude. For most of last year, the contract traded in a narrow range on either side of $84 a barrel………………………………………..Full Article: Source

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