Is the debt crisis in Europe beginning to make its presence felt in the oil market? A look at the spread between Brent and WTI crude oil suggests that the answer is yes. Even though the price of WTI has recently been soaring, thanks to a lack of a meaningful rally in Brent North Sea crude, the spread between the prices of the two benchmark oil prices dropped to $15.30 yesterday for its lowest close since mid-June. It's for this reason that the higher price of WTI crude hasn't yet worked its way to the gas pump, and consumers can only hope that it stays that way.
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