The spread between oil traded on NYMEX (USO) and London's ICE (BNO) rises to a record...

|By:, SA News Editor

The spread between oil traded on NYMEX (USO) and London's ICE (BNO) rises to a record $11.54/barrel as bulging U.S. stockpiles may not reflect tight world conditions. A Valero (VLO) executive laments the NYMEX contract has "almost become irrelevant" as a benchmark.