White House announces support for plan allowing oil exports
WASHINGTON, D.C. (Bloomberg) — The White House announced its support for a deal reached by congressional leaders on a package of spending and tax legislation that would avert a U.S. government shutdown and lift the 40-year-old ban on crude oil exports.
WTI Likely to Surpass Brent if U.S. Lifts Crude Export Ban
Prices of U.S. West Intermediate Texas oil could easily surpass Brent prices by a few dollars if the U.S. goes through with the proposed lifting of the ban on crude export, says Daniel Ang, a Phillip Futures energy analyst. “However, if this bill gets a veto from the U.S. president, spreads should move towards -$2,” he adds. He notes the WTI-Brent spread for February and March contracts narrowed sharply soon after the news the U.S. Congress agreed to repeal the four-decade old ban. The Brent crude oil premium to WTI spread for the Feb contract is at a difference of $1.05 a barrel.
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