Wed, Aug 14, 2013
This Sector's Pullback Has Exposed The Market's Deepest Value
For the past few years, there's been an anomaly in the global oil industry.
Brent crude oil, which comes from the Middle East, Africa and Europe, has been far more expensive than West Texas Intermediate (WTI) crude, which is drilled right here in the U.S. Both Brent and WTI are known as light, sweet crude, which means they are easily processed into gasoline, diesel and other distillates.
So why had Brent been trading for up to $20 more per barrel than WTI? Blame it on geography.