West Texas Intermediate crude oil hasn’t been so cheap relative to Brent, the global benchmark, since December. That’s because the supply situation in the U.S. is more ample than what was anticipated at the beginning of the year, according to Harry Tchilinguirian, head of commodities research at BNP Paribas SA in London. There is “no need for WTI to strengthen relative to Brent to draw light-sweet crude across the Atlantic,” he says.
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