UK-based supermajor BP favors the addition of WTI Midland, a light sweet crude grade from the United States, to the Dated Brent benchmark, the underlying benchmark of the Brent Crude futures contract, Reuters reported on Monday, quoting a document it has seen. The grades Brent, Forties, Oseberg, Ekofisk, and Troll from the North Sea currently comprise the Dated Brent benchmark. There have been discussions in recent years of adding another crude grade, considering the fact that with diminishing production from those large oilfields offshore the…
