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The Oil Patch

MILD SLIDE — There is now clearly a downward trend that began two months ago.  But it is not very pronounced or very steep.  The message doesn’t suggest another price collapse, but more likely a new equilibrium.  The monthly average price (below) also suggests prices may hold for now roughly around $60 until there is some reason for a change—like, perhaps, Iran pumping another 1.5 million barrels a day onto the market after a nuclear settlement.

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