Meanwhile, tension between Iran and the West has also fueled volatility in Brent prices.

“As long as there are protests in Libya and no resolution to the dispute between Iran and the West, Brent is going to have a bid while WTI lags,” Addison Armstrong, director of market research at Tradition Energy, said in a separate Bloomberg article.

In contrast, WTI prices have plummeted as the U.S. experiences an oil boom on shale. The U.S. is expected to surpass Russia and Saudi Arabia as the world’s top oil producer by 2015, reports Grant Smith for Bloomberg. [WTI Linked ETF Slips to Four-Month Low on U.S. Oil Boom]

United States Brent Oil Fund

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Max Chen contributed to this article.