Oil gains while U.S. crude’s discount to Brent deepens
Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while U.S. crude’s discount to global benchmark Brent widened to more than $7, its deepest in five months.
U.S. shale production is expected to hit a record 7.18 million barrels per day (bpd), the Energy Information Administration said.
The production growth may be far from over, contributing to U.S. crude’s discount to Brent, analysts said.