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World oil prices fell in early October as the European debt crisis grew more acute, then recovered somewhat with the return of modest optimism that a financial meltdown could be averted. WTI rose to an average $86.32 for the month, while Brent Blend and Arabian Light both trended higher. Global demand growth expectations for 2011 have been revised downward to 3.8%, and only 3.9% for 2012. Demand is projected to rise above 90 million bpd next year. Despite the slow return of Libyan crude to the mix, OPEC production dropped in September through early October.
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Houston, TX - November 4-5
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