U.S. Gulf Coast Oils Weaken as WTI-Brent Differential Narrows
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U.S. Gulf Coast oils weakened after the discount for West Texas Intermediate compared with Brent narrowed the first time in seven sessions.
Brent’s premium over WTI, based on May futures prices, narrowed 75 cents to $20.12 a barrel in New York. When Brent decreases versus WTI, it typically boosts the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.