This leads to the spread between the two benchmark prices in the crude oil market. At present, the premium of Brent crude oil over WTI crude oil exceeds $65,438+00 for the first time in more than a year. In the month of 65438+ 10, the two are almost parity.
Of course, the fundamentals of the global crude oil market are still weak, and the situation of oversupply in the market will take several months to restore balance. West Texas Intermediate oil price and Brent crude oil price may both fall. But for now, Brent oil price fluctuates greatly.
The price difference between the two crude oils in the past year may be unusual, but it is actually returning to a more normal level. Due to the increase of oil production in the United States, the supply of oil in North America exceeds the demand in recent years, so the price of Brent is higher than that of West Texas Intermediate most of the time, and the price difference between the two will widen from time to time, reaching $28, 20 1 1 once a year. Brent was $65,438+$065,438+$0.70 higher than West Texas Intermediate on Thursday.