Brent crude oil, the international standard, dropped 14.4% to $93.48, and futures for US crude oil sank 14.7% to $96.27 a barrel. The prices remain well above where it was at the start of the war.
WTI is above Brent these days? Long been a fixture in my mind that WTI – export constraints meeting fracking production – is lower than Brent. Even if WTI is, objectively, the lighter, sweeter, oil.
Or is this just The Guardian and prices again?
IGIndex letting you buy Brent at $92.75 and WTI at $90.81 just now.
It’s a journalist doing money. They’ve quite possibly got one day’s Brent price and the day before’s US.
Spot Brent, WTI futures. Futures will be pricing in risk that things will heat up again, spot won’t.
It was not always thus, certainly for many years before Gulf war 1 to many years after Gulf war 1 WTI premium premium to Brent