``Financial markets believe the trading discount of WTI --- which is near its $22 record --- will narrow over the coming year to $12 as these problems are resolved. This is starting to look over optimistic. Citi estimates the WTI-Brent spread could widen to as high as $40 this year. That would be a bonanza for U.S. refiners like HollyFrontier and Marathon Petroleum that use captive U.S. oil and sell products that are linked to the Brent price. But it is becoming ever trickier to see either benchmark as a truly representative price for oil.''

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