The oil market had a very volatile week as did most other commodities: the news of the EU summit agreement on debt resolution shock the financial markets and the report of the U.S. GDP growth rate may have also contributed to the sharp gains in the WTI.
By the end of the week, Brent slightly declined by 0.75% while WTI sharply inclined by 2.41%; as a result, the spread between Brent and WTI sharply decreased to $17.51/b on Friday.
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