Brent Swings to Rare Discount Against Middle East Oil Marker

Brent Swings to Rare Discount Against Middle East Oil Marker

Brent, the global crude oil benchmark, is trading at a rare discount to its Middle Eastern counterpart, as President Donald Trump cracks down on Russian barrels and a glut is forecast for later in the year.

Brent Crude Swings To Rare Discount Against Middle East Oil Marker

Brent, the global crude oil benchmark, is trading at a rare discount to its Middle Eastern counterpart, as President Donald Trump cracks down on Russian barrels and a glut is forecast for later in the year.Brent futures were trading at a discount of 3 cents a barrel to Dubai, the first time the differential has turned negative since April, according to data compiled by Bloomberg. Most crudes produced in the Persian Gulf — the main source of Asia…