London could be overtaking New York in importance for global oil trading, with volume of North...

|By:, SA News Editor

London could be overtaking New York in importance for global oil trading, with volume of North Sea Brent crude exceeding that of WTI on NYMEX for the first time ever in Q2. Brent responds more to global geopolitics such as in the Middle East and North Africa, says ETF Securities' Martin Arnold, while U.S. grade reflects domestic factors more.