U.S. crude oil is trading above Brent, topping $108/bbl and erasing a discount of more than $20...

|By:, SA News Editor

U.S. crude oil is trading above Brent, topping $108/bbl and erasing a discount of more than $20 in five months. Shale oil was supposed to usher in an era of low prices, but prices will be supported while Gulf of Mexico refiners are prepared to pay even more for crude, as Reuters reports. The refineries are processing record amounts of crude and reaping the benefit from strong margins on products sold overseas.