Brent’s premium to WTI is close to its narrowest since 2016, making US crude oil uncompetitive in international markets
Pump jacks operate at sunset in Midland, Texas on February 11 2019. Picture: REUTERS/ NICK OXFORD
Meanwhile, China's industrial output fell by a much larger than expected 13.5% in January-February from the same period a year earlier in the weakest reading since January 1990 when Reuters records began. “Another factor offering relatively more support to WTI is news that President Trump has ordered Strategic Petroleum Reserves to be filled up at these lower price levels.”
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