Brent-WTI spread to narrow again

The dramatic surge in US oil output so far this year has weighed on the price of WTI and widened the Brent-WTI spread. But we still expect US production to grow strongly in 2018-19. An increase in pipeline capacity will facilitate exports of US oil, which should drag down the price of Brent and narrow the Brent-WTI spread later this year.

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