Rising US Production Changing Global Price Dynamic
March 26, 2013 at 13:15 PM EDT
With US oil production at a 20-year high, the shifting fundamentals of global oil supply are increasingly driving the price of US crude and the higher priced international bench mark closer together. In futures trading Tuesday, the price difference between US West Texas Intermediate crude and the international bench mark Brent was at the narrowest it's been in eight months and is likely to fall further.