The renewed decline in the price of the traditional US benchmark crude, West Texas Intermediate (WTI), to a six-year low of $43 per barrel, overstates the weakness in global oil prices. Other benchmarks are as much as $10 higher than WTI and still above their lows for the year. What’s more, WTI is the outlier even within the US, where gasoline prices now move more closely with Brent.
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