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Of course, WTI and Brent oil futures are commonly useful for hedging functions by members inside the oil industry. Oil producers, refiners, together with other industry participants normally utilize futures contracts to control their exposure to price volatility.
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When Brent and WTI have unique attributes, their price ranges are interconnected. World wide activities, source and need aspects, and industry sentiment could cause costs to converge or diverge between The 2 benchmarks.