The price difference between Brent crude and its U.S. counterpart has narrowed to the closest point since the end of December, as the North Sea benchmark continues to struggle to make gains this year.
The price difference between Brent crude and its
U.S.
counterpart has narrowed to the closest point since the end of December, as the
North Sea
benchmark continues to struggle to make gains this
year.
Brent crude was up 30 cents, or 0.3%, on the first day of the March contract,
at $106.02 a barrel on ICE Futures Europe.
U.S.
crude-oil futures were up 23 cents at $94.52 a barrel on the New York
Mercantile Exchange.
The "spread", or price difference between the two crudes, is at
$11.39 Friday. It widened to $14.68 at the end of last week, but without many
supporting factors to keep the Brent contract high, the two benchmarks have
drifted closer together.
Fundamentally the market is well-supplied, said Commerzbank in a note to
clients.
"The focus on the oil market this year will once more be on
supplies," they say. "Continuing success with shale oil production in
the
U.S.
will
again keep prices in check. Within the last three years,
U.S.
crude
output has risen by 50%."
The ICE's gasoil contract for February delivery was up $3.25 at $910.75 a
metric ton, while Nymex gasoline for February delivery was down 127 points at
$2.6078 a gallon.
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