The price difference between the world’s top oil benchmarks has reached an intraday record of more than $14 a barrel, doubling in three weeks, having hit $16.09, as West Texas Intermediate oil disconnects from top global oil references Brent and Dubai.
The divergence, which is wreaking havoc among energy investors and traders, prompted Saudi Arabia two years ago to drop WTI as its benchmark for pricing oil to customers in the US.
Dispatches from the US embassy in Riyadh, obtained by the whistle-blowing website WikiLeaks, quoted Prince Abdulaziz, Saudi’s deputy oil minister, as describing the WTI market as “too much like gambling”.
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