The gap between the price of oil in the United Kingdom and the United States has increased

The crude oil transaction prices in the United States and the United Kingdom have always gone hand in hand. However, in recent months, the price of the benchmark contract between the two countries has created a gap, and now it seems that there has been a situation that runs counter to it. Before the economic downturn in 2008, the situation was very different. At that time, the price of oil in London reached $147 a barrel, and the benchmark price of the West Texas Light crude contract was not dropped to $145 per barrel. However, strange things came shortly afterwards. Crude oil prices in the United Kingdom and the United States gradually began to deviate. At most, a price difference record of $26 was recorded. In the recent turmoil, although the Brent crude oil price has dropped dramatically, it is still above the $100 mark, reaching US$107 a barrel. West Texas light crude oil prices fell and fell to US$81.45 per barrel. . When the price gap first emerged, the main reason was attributed to excess inventory at the Cushing Facility in West Texas Light Crude Oil Storage. West Texas light oil serving the US market mainly reflects the demand of the US market, while Brent crude oil is the benchmark for crude oil prices in Asia and the Middle East and other regions.