Brent-WTI Spread Shrinks to $5 for First Time in 2 1/2 Years
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The difference between the world’s two most-traded crude oil grades shrank to less than $5 a barrel for the first time in about 2 1/2 years, underlining the easing of a supply bottleneck in the U.S.
North Sea Brent crude’s premium to West Texas Intermediate narrowed to as little as $4.77 a barrel today. It’s the first time the spread between the two grades has been at $5 or less since Jan. 18, 2011, on an intraday basis, according to data compiled by Bloomberg. WTI, the main U.S. crude grade, had been typically the more expensive grade until mid-2010.