West Texas Intermediate oil became more expensive than Brent for the first time in 1 1/2 years amid a weak European economy and signs that U.S. crude export controls will loosen. WTI traded higher than Brent today for the first time since July 2013, based on February intraday prices. It averaged $6.64 less than Brent last year, and traded as much as $15.45 lower than its European counterpart on Jan. 13, 2014. Oil demand in Europe will average 13.42 million barrels a day this year, down from 13.47 million in 2014, the International Energy Agency forecast last month. Opinion polls showed Greek Prime Minister Antonis Samaras hasn’t narrowed the lead by his top opponent from the Syriza party, boosting concerns that a change in political leadership will spur an exit from the euro area. “There are two key reasons for the rapid close of the Brent-WTI spread, with the […]