ICE CEO: WTI no longer reflects global oil price

The head of futures exchange IntercontinentalExchange Inc (ICE.N) said Wednesday the WTI crude contract no longer reflected global oil prices, adding that the price divergence from the Brent contract “may continue for some time.”

“While WTI remains an important U.S. oil benchmark to us, it no longer reflects global prices,” ICE Chief Executive Jeffrey Sprecher said in a conference call with analysts and reporters.

ICE owns the Brent contract while rival exchange CME Group Inc (CME.O) owns the NYMEX WTI contract.

Reuters