U.S. Crude’s Discount to Global Prices Opens Taps to Exports

By Anonymous

A $10 spread between the U.S., global benchmarks hands a golden opportunity to domestic producers

U.S. oil is trading at a big discount to global crude, handing domestic producers a golden opportunity to cash in on exports, although American consumers might suffer.

U.S. oil benchmark, known as West Texas Intermediate, closed Tuesday at $69.25 a barrel. Brent, the benchmark for global crude, settled at $79.06. The gap of nearly $10 compares with a spread of less than $4 as recently as two months ago.