Brent-WTI Spread Disappears for now

For the first time in 3 years, the premium of Brent oil (North Sea) over West Texas Intermediate (US crude WTI) has fallen below zero. Despite an increase in both oil benchmarks, the more rapid rise in the price of WTI has dragged down the spread to $-0.54, for the first time since February 2010. The aforementioned dynamics are seen to be largely temporary as they reflect the increase in WTI, rather than a decline in Brent. More charts & analysis here