For the first time in four years the prices of the two most important varieties of oil in the world are on one level. US light crude oil WTI today cost as much as globally traded European reference Brent. While the price of WTI rose 0.9 percent to 36.44 dollars per barrel, the Brent also depreciated 0.9 percent to 36.44 dollars per barrel. After perennial bottom of both varieties, however, this recovery is quite modest transmitted Dow Jones.
The fact that WTI, which has always been cheaper than the Brenta in the recent past, now slightly more expensive, is considered by markets further evidence of global expansion of oil oversupply. The true origin of dealers see glut in the US, where the boom of American slate oil industry led to oversupply.
Analysts explain the fact that WTI is a price Brenta, with the termination of the existing 40 year ban on oil exports to the United States. Last week, Congress lifted the ban, which originally aimed to protect oil reserves in the United States. The outlook for global trade supports WTI price, while Brent suffers from this, because now WTI could become a global competition for oil from the North Sea.
Oversupply in the US market for months held stocks of crude oil near 80-year highs. Fare of US crude by train from the center of the continent to refineries along the coast, however, made analysts skeptical. It is cheaper to use oil originating in West Africa, they say.adp mobile app