US benchmark crude prices may rise above Brent, analysts warn

New York

LAST week's US decision to further ease a longstanding ban on most oil exports arrived just as the economic window for selling more domestic crude abroad is, at least for the moment, shutting.

After years of relentless shale-driven supply growth, US oil production is shrinking and may fall as much as 10 per cent over the next 12 months as drillers slash spending. Meanwhile, global output continues to grow, with Iran alone set to add as much as one million barrels per day (bpd) next year.