Why US oil price has caught up with Brent

LONDON, May 20 — World oil markets experienced a rarity this week, as the price of the US benchmark contract, West Texas Intermediate, surpassed Europe’s Brent North Sea crude...

LONDON, May 20 — World oil markets experienced a rarity this week, as the price of the US benchmark contract, West Texas Intermediate, surpassed Europe’s Brent North Sea crude for the first time since 2020.

WTI is lighter than Brent but with a higher concentration of Sulphur, meaning the US oil is easier to refine into gasoline.Prior to 2008, WTI was generally more expensive than Brent. However, a decline in North Sea output combined with a boom in oil extracted from US shale rock saw the contracts switch places.

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