| Brent-WTI Spread in USDollar. 
 As we note frequently, the oil markets today are
 driven much more substantially by central bank policy
 and geo-politics rather than supply/demand fundamentals.
 
 In spite of record inventories in the US & no increase in global demand during Q3,
 the ECB's OMT/ FOMC's QE Perpetuity and Mideast unrest supported prices.
 
 
 
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