WTI Crude Oil Surpasses Brent for First Time Since 2013
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U.S. oil became more expensive than global crude for the first time in 1 1/2 years amid signs that the nation’s crude exports are poised to increase.
West Texas Intermediate, the U.S. benchmark, briefly traded higher than Brent, the basis for European and African cargoes, today for the first time since July 2013. It averaged $6.64 less than Brent last year, and traded as much as $15.45 lower than its European counterpart on Jan. 13, 2014.