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WTI trades $12 below Brent as freight and diesel fears widen spread
WTI is poised for a roughly 7% weekly drop while Brent is set for a slight 2% weekly gain, reflecting the widening Brent-WTI gap.
Oil prices edged higher, but the Brent-WTI spread widened as Hormuz diplomacy, soaring freight costs, and diesel market fears weighed more heavily on the US benchmark, OilPrice reports.
The outlet said oil prices were still set for a modest weekly rise, around 2%, while WTI was on track for a sharper weekly decline of about 7%.
At the time of publication, WTI was quoted at 92.25, down 2.36, or 2.5%, while Brent traded at 104.2, down 2.44, or 2.3%.
Latest closeWTI crude $92.44 ▼2.3%|Brent $97.47 ▼8.6%
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