The price difference between the world’s two main oil price benchmarks – West Texas Intermediate and Brent – widened on Wednesday to a record as inventories at the delivery point of WTI, in Cushing, Oklahoma, surged to an all-time high.

ICE February Brent traded at a record intra-day premium of $8.46 a barrel over Nymex February WTI, well above a previous peak of $6.60 a barrel set in May 2007.