The OPEC Reference Basket (ORB) averaged $70.33/b in August, representing a decline of $3.20 m-o-m, or 4.4%. Year-to-date (y-t-d), ORB was $25.42, or 62.8%, higher, averaging $65.93/b. Crude oil futures prices on both sides of the Atlantic moved sharply lower in August, reaching their lowest levels since last May, as concerns about short-term Asian oil demand, mixed economic data, and the prospect of higher global oil supply triggered a sell-off. In August, the ICE Brent front-month declined $3.78 m-o-m, or 5.1%, to average $70.51/b, and NYMEX WTI fell $4.72 m-o-m, or 6.5%, to average $67.71/b. Consequently, the Brent/WTI front-month futures spread widened in August by 94¢ to average $2.80/b, its strongest since May. The market structure of all three major crude benchmarks – ICE Brent, NYMEX WTI, and DME Oman – remained in backwardation,