Extreme fluidity in benchmark pricing | GulfNews.com:
"For the first time in nearly three years, major benchmark crude oils resumed some normalcy in their pricing, as those of the American West Texas Intermediate (WTI) and the North Sea Brent converged towards their historic relationship.
In fact, WTI posted higher prices in the futures market on July 19 at just above $108 while Brent settled lower. Strong demand in the US among other factors brought about this change.
Historically, WTI being the better crude with respect to both API gravity and sulphur content trades at a premium of $1 to $2 a barrel over Brent. The short periods where Brent posted higher prices were either attributed to strong demand in the US or a temporary reduction in North Sea production or both."
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