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Brent oil forges ahead while West Texas stays in the doldrums


economy

Brent oil forges ahead while West Texas stays in the doldrums

Improving investor inputs, a stronger demand outlook and supply chain problems all combined to push oil futures higher on Friday, with Brent Crude looking to rack up its first monthly gain since July.

At over 61 dollars the Brent price is now at a 12% premium to the Texas price, its highest margin since January last year and a reflection of massive inventories flooding the US market. In fact the WTI price is still just a few dollars off its recent lows, while Brent is soaring ahead.

Brent is being driven higher by positive euro zone and Chinese data, and supply disruptions in Libya.

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