Expect more U.S. oil on the global market

11 Oct 2017   exports, USA

U.S. crude oil exports will likely increase in part because of the discount for the U.S. benchmark price for oil against other grades, an industry report found. An emailed market report from Bank of America- Merrill Lynch this week said the spread, or difference, between West Texas Intermediate, the U.S. benchmark for the price of oil, and Brent, the global benchmark, made U.S. crude competitive on the open market. A 40-year-old ban on U.S. crude oil exports ended in the waning years of President Barack Obama ‘s tenure. During his term, Republican lawmakers helped broker an end to the ban enacted in the 1970s in response to an oil embargo embraced by some members of the […]

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