PHOTO
An oil field is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015. Picture taken October 14, 2014. REUTERS/Lucy Nicholson (UNITED STATES - Tags: ENERGY BUSINESS) - RTR4ABG0
Brent crude futures flipped to a discount against Dubai swaps on Wednesday, the first time since November 2023, LSEG data showed.
The Brent-Dubai Exchange of Futures for Swaps (EFS) was assessed at minus 2 cents a barrel at Wednesday's market close at 0430 GMT, LSEG data showed.
The discount has since widened further to 14 cents a barrel, two trade sources said.
(Reporting by Florence Tan; Editing by Andrew Heavens)
