Oil Trading in non-US Exchanges to Increase with New Index. WTI's Status as International Benchmark at Risk
BonTradeOil remains under pressure as European sovereign crisis is taking its toll. The front-month contract of WTI crude oil, hovering around 80, fell to as low as 78.87, earlier today. Brent crude, currently trading at 82.5, also extends its decline for the third consecutive day but the magnitude of the selloff was slightly milder. Relative weakness in WTI crude is probably driven by huge US stock builds, especially at Cushing, Oklahoma.
