Cash crude prices tumbled in the week to June 17 as the spread between US West Texas Intermediate (WIT) and UK Breftt crude surged, surpassing $22/bbl on Tuesday before settiing back to just above $20/bbl on Friday. Cash crude differentials were seen weakening, despite the record-wide spread, as grades de-linked from the arb. "Grades have disconnected from Brent, because Brent is rising independendy of the transatiantic spread," an analyst noted.
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