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  • Industry at a glance


    Crude oil prices dropped to four-month lows in October, reflecting pessimism about the global economy. West Texas intermediate averaged just under $90/bbl for the month. The estimate of fourth-quarter 2012 global oil demand has been trimmed to 90.1 million bpd by EIA, partly reflecting the impact of Hurricane Sandy in the U.S. Natural gas prices rose to more than $3.30 on the Henry Hub. U.S. crude production rose once again, led by Texas and North Dakota. The latter is up almost 50% over the same time last year. Rotary rigs running in the U.S. fell for the third straight month to 1,834. Worldwide, the rig count held steady at around 1,600 units running.

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