U.S. Gulf Oil Premiums Strengthen as WTI-Brent Spread Widens
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U.S. Gulf Coast oil premiums widened as West Texas Intermediate’s discount to Brent, the European benchmark, widened for a second day.
The spread widened 79 cents to $12.16 a barrel based on settlement prices. When Brent increases versus WTI, it strengthens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.