Econintersect: The U.S. benchmark oil, WTI (West Texas Intermediate) crude, surged by more than 2% during the day Monday (March 7) to a high of $106.83 a barrel before pulling back to close at $105.44. The London market saw the spot price for Brent crude decline more than 1% from Friday’s close.From Bloomberg:
- WTI Cushing Spot $105.44 +1%%
- Dated Brent Crude $114.49 -1.1%
- NYMEX Crude Futures $104.87 +0.4%
The spread between Brent crude and WTI to $9.05. This has come down more than 45% from $16.60 in one week.