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WTI-Brent Spread Narrowing as U.S. Exports Record Fuels

The price gap between the world’s two biggest oil benchmarks probably will narrow next year as U.S. exports of refined fuels reach a record and crude supply from the Middle East and North Africa expands.

West Texas Intermediate, the U.S. benchmark, will average $6 a barrel less than Europe’s Brent in 2014, from $11.65 now, according to Commerzbank AG. Goldman Sachs Group Inc. is predicting $9 and Barclays Plc $8.30. The world’s most-traded energy spread already contracted 35 percent from the eight-month high of $19.01 reached Nov. 27.