As U.S. debates oil exports, prices slump below $80

Long-term U.S. oil prices have slumped to record discounts versus Europe's benchmark Brent, with some contracts dropping below $80 in a dramatic downturn that may intensify producers' calls to ease a crude export ban. The shift in prices on either side of the Atlantic is even more dramatic further down the curve, with December 2019 U.S. crude now trading at a record discount versus the equivalent European Brent contract. The drop in so-called "long-dated" U.S. oil futures extends a broad decline that has pushed prices as much as $15 lower in two years. The unusual speed, severity and persistence of the decline has mystified many in the oil industry.

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