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.
