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These stocks account for 7. The record production from Saudi Arabia, Iran, and Iraq would continue to drag Brent crude oil lower. The long-term oversupply concerns and slowing demand estimates could put pressure on crude oil prices.
WTI is the US benchmark for crude oil prices. WTI is the receiving price of oil producers in the US. In contrast, Brent crude oil is the global benchmark for crude oil. Brent crude oil represents the receiving price of international crude oil producers.
The rising spread between WTI and Brent means that US crude oil refiners pay less to buy crude oil—compared to the international refiners. This benefits US refiners. The narrowing spread means that US oil producers sell crude oil prices equivalent to international oil producers.
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