West Texas Intermediate Midland crude is about to be added to the Brent benchmark contract this June. This would be the first time a non-North Sea crude has been added to the benchmark basket. And it will change the oil market forever.
Oil prices are trading flat on Thursday after two consecutive days in decline as a strike in France, a drop in U.S. crude inventories, and a faltering dollar offset fears over the economic impact of rising interest rates.
The speculation surrounding China’s zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes
Global benchmark Brent crude futures fell 21 cents, or 0.2 per cent, to US $100.00. The US West Texas Intermediate crude futures contract was down 10 cents, or 0.1