Global crude benchmark WTI is flawed, according to expert

oil barrels

Brent-grade crude oil is a more relevant benchmark for oil industry physical pricing than West Texas Intermediate grade (WTI), the managing director for Austria-based consultancy JBC Energy said on Thursday.

"As an oiler, you care about benchmarks that reflect physical oil," says Johannes Benigni, MD for JBC Energy at energy news and pricing agency Platts' crude oil markets conference in London on Friday. "Right now, WTI is an instrument for the financial players, which is perfectly fine, but fo