WTI/Brent Spread Continues to Push Out (BNO) (USO)
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Last Friday, the spread between WTI and Brent crude reached $20 for the first time since mid-April. The spread has been widening since the middle of June, partially due to increased geopolitical concerns in the Middle East.
Gene McGillian, analyst at Tradition Energy, said $20 per barrel appears to be the resistance point for the Brent/WTI spread, adding that in addition to tight supply in Brent due to maintenance next month at Buzzard -- the UK's largest oil field -- Brent futures were also getting a little more of a boost from geopolitical concerns.
In the past 30 days, United States Brent Oil ETF (NYSE: BNO) has gained
11.16 percent. This compares to United States Oil ETF (NYSE: USO) which is higher by only 6.65 percent.
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Gene McGillian, analyst at Tradition Energy, said $20 per barrel appears to be the resistance point for the Brent/WTI spread, adding that in addition to tight supply in Brent due to maintenance next month at Buzzard -- the UK's largest oil field -- Brent futures were also getting a little more of a boost from geopolitical concerns.
In the past 30 days, United States Brent Oil ETF (NYSE: BNO) has gained
11.16 percent. This compares to United States Oil ETF (NYSE: USO) which is higher by only 6.65 percent.
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