The once-deep discount for benchmark U.S. crude oil prices versus global rates is about to disappear for the first time since the rise of the shale oil boom, a sudden reversal that highlights the market’s ongoing flux. On Monday, U.S. West Texas Intermediate for delivery in March settled just 6 cents below global Brent crude for the same month CL-LCO3=R, the narrowest gap since 2010. It was trading at more than $1 a barrel two days ago. While U.S. crude has occasionally and briefly traded at a premium to Brent over the past five years, current spreads suggest it could be a longer-lived phenomenon this time. The April spread CL-LCO4=R contracted to 5 cents by the close of trade, while May […]