Brent-WTI Oil Gap Sliding as North Sea Output Rebounds

The difference between the world’s two most-traded grades of oil is narrowing as North Sea production rebounds from the lowest level in five years.

Brent crude on the ICE Futures Europe exchange in London cost $18.95 a barrel more than West Texas Intermediate on the New York Mercantile Exchange. That’s down from $21.92 on Aug. 15, the most in almost 10 months. Daily exports of the four crude grades comprising the Dated Brent benchmark will rise 24 percent in October, the biggest monthly increase in two years, as offshore maintenance work ends, according to data compiled by Bloomberg.