Oil traders and policymakers have criticised the benchmark US oil contract during the last year, after its price diverged sharply from other oil yardsticks. But a new study suggests that its main rival was also distorted.
West Texas Intermediate crude oil futures last year traded as much as $10 a barrel less than Brent, its rival from the North Sea.
But a study, by Craig Pirrong, a respected economist at the University of Houston, challenges the notion that WTI is inferior to Brent. The study was commissioned by CME Group, whose WTI contract at New York Mercantile Exchange is threatened by a shift in market share to Brent.
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