Trading giants Trafigura and Gunvor have been on a buying spree in the Brent crude oil market, driving prices to their highest level since the benchmark’s methodology changed in 2023. Their activity underscores the critical role Brent plays in setting global oil prices. However, recent buying has also sparked concerns around the future of the benchmark as the oil market continues to evolve.
oil benchmark
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The global oil market has seen a significant change in the past year, as Brent crude oil, the most widely used benchmark for oil prices, has incorporated U.S. WTI Midland…