Brent premium over WTI hits new 3-year high
The spread between Brent crude oil futures contracts and U.S. WTI stood at its widest for three years on Friday with the latter set for a second consecutive week of declines as U.S. oil output comes close to matching that of top producer Russia.
The premium has doubled to more than $11 a barrel in about a month as a lack of pipeline capacity in the United States traps much of the output inland.
U.S. crude production has been rising to record levels since late last year. In March, it jumped 215,000 barrels per day (bpd) to 10.47 million bpd, a new monthly record, the Energy Information Administration said on Thursday.
https://www.reuters.com/article/us-global-oil/u-s-crude-oil-little-changed-after-losses-record-output-weighs-idUSKCN1IX395