An aerial photo made with a drone shows gasses burning off near oil storage tanks and a drilling rig near Karnes City, Texas. Photo by TANNEN MAURY / EPA
June 2 (Asia Today) -- U.S. crude oil exports reached a record high in May as demand from Asian and European refiners surged, market data showed.
U.S. crude exports averaged 5.6 million barrels per day in May, surpassing the previous record of 5.2 million barrels per day set in April, according to data from analytics firm Kpler.
The increase was driven in part by a widening price gap between West Texas Intermediate, the U.S. benchmark crude, and Brent crude, the global benchmark.
The spread between WTI and Brent widened to as much as $20.69 a barrel in March, the largest gap in 13 years. In April, the gap averaged $8.86 a barrel, wider than the prewar average of $4.85.
