U.S. Gulf Coast Oil Premiums Gain as WTI-Brent Spread Widens
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Premiums for Gulf Coast crudes strengthened as the spread between West Texas Intermediate, the U.S. benchmark, and European counterpart Brent widened for the sixth consecutive session.
The spread between the two crudes widened 53 cents to $11.01 a barrel at 12:37 p.m. New York time. When Brent increases versus WTI, it strengthens the value of low-sulfur U.S. grades that compete with West African oil price against the European benchmark.