Oil prices dropped sharply amid heightened concerns over the stability of European economies and the pace of demand growth in the developing world. Atlantic basin marker North Sea Dated topped $120/bl before falling to $114.52/bl on 16 June, down by $5.14/bl on the week, while US benchmark July WTI fell more heav- ily, by $6.98/bl to $94.95/bl. WTI's discount to front-month 21-day North Sea forwards widened to $20/bl, a record dis- location between the benchmarks.
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