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Low oil prices projected to continue through 2016, according to DOT report


The Washington Department of Transportation released the Jan. 2016 edition of the "Fuel and Vehicle Trends Report." The report discusses the movement of two crude oil indicators, West Texas Intermediate (WTI) and Brent oil, sourced from the north Atlantic.

In January, West Texas Intermediate (WTI) crude oil prices averaged $32.8 per barrel. Brent oil prices  during the month averaged $31.9 per barrel. The WTI price was down to $29.19 per barrel for the week ending Jan. 22, according to the report.

Oversupply of oil and weak demand is given as the reason for low prices. The Energy Information Administration's short term outlook listed actual WTI average price for 2015 at $48.67 per...

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