World domination: Brent trumps Nymex in war of crude oil benchmarks

April 7, 2015 9:07 AM

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By Henning Gloystein and Jacob Gronholt-Pedersen SINGAPORE, April 7 (Reuters) - Investor positions in Brent crude oil futures have risen to a historic high and outnumbered contracts in U.S. futures by the most ever as more traders held the North Sea benchmark as a truer reflection of global market conditions.

Brent's open interest on the Intercontinental Exchange (ICE), or the number of outstanding contracts held by market players, increased to 1.99 million lots as of the end of March. That compared with 1.72 million lots for crude futures on the New York Mercantile Exchange (Nymex).

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