The U.S. oil benchmark on Tuesday settled at a premium to its global counterpart for the first time in more than five years, boosted in part by the lifting of a four-decade ban on U.S. oil exports and apparent unwinding of bearish bets before year-end, analysts said.Futures on Brent crude LCOG6, +0.69% the global benchmark, fell 24 cents, or 0.7%, to finish at $36.11 a barrel on London’s ICE exchange, while futures for February delivery of West Texas Intermediate crude CLG6, +0.53% the U.S. benchmark, rose 33 cents, or 0.9%%, to finish at $36.14 a barrel. WTI last settled above Brent on Aug. 16, 2010.
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