Oil futures continue slide, as Brent-WTI gap closes

摘要

New York—Oil futures settled lower Tuesday, with ICE Brent losing more ground than NYMEX crude, further closing the gap between the two benchmark contracts. NYMEX crude even traded briefly above ICE Brent Tuesday for the first time since July 2013, as a global supply glut erodes the spread between the two benchmark contracts. Front-month NYMEX crude reached a 4 cent/b premium to ICE February Brent, before slipping back below. ICE February Brent settled down 84 cents at $46.59/b. NYMEX February crude ended 18 cents lower at $45.89/b.