WTI Tracks Brent's Surge as Citi Scraps $60 Oil Call
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Brent December futures jumped $2.88, or 2.65%, to trade near $111.70 on Thursday, touching an intraday high of $112.68. WTI has moved in tandem, pressured higher by the same supply bottleneck story that forced Citi to abandon its $60-$65 year-end Brent call made just three months ago.
The bank's reversal centers on logistics rather than production. More than 1 million barrels per day of Gulf crude is struggling to reach buyers at competitive freight costs, even as Middle Eastern export volumes technically recover from disruption.
For WTI traders, this widening logistics premium on the Brent side keeps the spread dynamic in focus, with any further Gulf shipping friction likely to drag WTI higher alongside its international benchmark.