American oil is usually a cheaper option. Not anymore
CNN
West Texas Intermediate crude, the reference point for US oil prices, usually trades at a discount of a few dollars to Brent crude, the global benchmark.
But this morning, the near-term futures contracts for WTI and Brent are both roughly $115 per barrel — an indication of how the market has been scrambled by the pandemic and the war in Ukraine ahead of the busy summer driving season.
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