The collapse in the price difference between the world’s two most-traded crude oil grades is fulfilling a prediction Goldman Sachs Group Inc. has held for more than a year. Bank of America Corp. says it won’t last.
Royal Dutch Shell Plc’s changes to its pricing formula for benchmark North Sea crudes will probably be adopted by the market, according to a Bloomberg News survey of eight traders directly involved in the business.
West Texas Intermediate oil fell, trimming its ninth weekly gain in 10 weeks. Open interest for the U.S. benchmark grade rose to a record while a report signaled OPEC will cut crude shipments this month.