President Donald Trump has dealt global oil markets a major case of whiplash. After piling into bets that the benchmark prices for crude oil traded in New York and London would converge by December 2018, traders are now paring those wagers amid doubts that a Republican Congress will be able to push through plans for a levy on oil imports and a tax exemption for exports, moves that would incentivize production in the U.S. relative to bringing in oil from overseas. While oil sold in London has traded at a premium of about $8 per barrel over the past five years, the spread between the West Texas Intermediate and Brent futures contracts had narrowed to almost nothing on anticipation of the policy change before briskly retracing a sizable portion of the move after Trump told the Wall Street Journal on Jan. 16 […]