TURMOIL IN THE MIDDLE EAST and North Africa (MENA) has pushed up US crude prices on the New York Mercantile Exchange (NYMEX) to above $100/bbl for the first time in two years, leading analysts to forecast demand destruction as a result of high prices. Petromatrix analyst Olivier Jakob pointed out that US West Texas Intermediate (WTI) oil has moved to an "unusual" discount to other US crudes, making the real price of WTI (on the basis of US Gulf Coast crude Light Louisiana Sweet) around $120/bbl, rather than $102/bbl.
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