Exports of US crude oil will help determine the price of global benchmark Brent in Europe from July 2022, a reversal of flows that for years saw Brent support US benchmark West Texas Intermediate (WTI) when that was still the dominant guide for oil prices worldwide. Brent, which prices two-thirds of all spot crude deals in the world, is dealing with declining production of light, sweet oil in the North Sea and will need to rely on European inflows of similar WTI oil from the prolific US shale patch to shore up the Brent pricing mechanism. S&P Global Platts, the company that sets the world’s oil price, announced on ... (full story)