How U.S. Crude Has Helped Stabilize Global Oil Markets

Nearly two years ago, British oil and gas supermajor BP Plc (NYS:BP) announced that the North Sea crude price Dated Brent, the company’s most important pricing benchmark, was experiencing “regular dislocations.”Back then, it was not uncommon for a handful of traders to sometimes hold as much as 40% of the world’s total crude supply in some months, allowing them immense power to manipulate the markets. Indeed, BP warned of trouble for both the gauge itself and Brent futures, a massive market used to not only hedge…