SINGAPORE - Brent flipped to a discount to Dubai swaps for the first time since May 2010 on Wednesday, Refinitiv Eikon data showed, amid a collapse in global oil futures triggered by a Saudi Arabia-Russia clash over supply policy.
The Brent-Dubai crude's Exchange of Futures for Swaps (EFS) DUB-EFS-1M, a spread which allows oil traders to gauge the relative price strength of Brent-linked and Dubai-linked crude, slumped to negative 20 cents from positive 40 cents on Tuesday, the data showed.
A negative EFS indicates more strength for high-sulphur Middle East crude grades priced against Dubai versus low-sulphur crude priced against Brent.
(Reporting by Shu Zhang; editing by Jason Neely) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))
