Dollar strength against the pound and the yen appears to be causing a commodity sell-off this morning. Brent crude is down a dollar barrel, below $117, while WTI is down marginally. Some of the losses are related to Brent-WTI spread profit-taking, after the spectacular run that trade has been on. In some complicated inside baseball, Shell unilaterally announced a change in the acceptable delivery grades for the basket of North Sea grades.
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