Brent on London’s ICE Exceeds West Texas Intermediate Oil

Bloomberg reported that Brent trading on London’s ICE has exceeded West Texas Intermediate oil on CME Group Inc’s New York Mercantile Exchange.

As quoted in the market news:

The trend underlines London’s resilience as a financial center in the face of Europe’s sovereign debt crisis and supports Brent’s status as the benchmark grade for pricing more than half of the world’s oil. While North Sea output has fallen almost 50 percent in the past decade, a glut of landlocked North American crude has reduced WTI’s reliability as a gauge of global oil demand.

Click here to read the full Bloomberg report.