Light Louisiana Sweet Premium to WTI at Highest Since 1991
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The premium for Light Louisiana Sweet crude increased to the highest level over West Texas Intermediate since at least 1991 as the U.S. benchmark lost ground to its European counterpart.
The spread between March-delivery futures for WTI and Brent, the basis for European and West African crudes, increased to $8.50 a barrel at 1:57 p.m. in New York. A wider premium for Brent makes imports to the Gulf Coast more expensive compared with U.S. grades.