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Vol. 235 No. 10
INDUSTRY AT A GLANCE
Signs of slowing worldwide demand growth, combined with plentiful supplies, caused crude oil prices to fall generally last month. Brent Blend dipped below $100/bbl before recovering slightly, while West Texas Intermediate fell to the mid-$90s range. Oil production outside North America—both Opec and non-Opec—fell, bringing world crude output to about 90.4 MMbpd, still 800,000 bpd higher than a year ago. U.S. crude production rose, at a pace similar to that of recent months. Natural gas prices sagged, falling below $4/MMBtu, even as production climbed. The U.S. rotary rig count climbed 1.4% in September, while the worldwide count, overall, gained slightly, despite a 3.7% drop in offshore units.
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