WTI, Brent crude reach parity

Another big day for oil prices! West Texas Intermediate on Tuesday settled at a premium to its global counterpart Brent crude for the first time in more than five years, and the spread between the two benchmarks is now nonexistent.

While the lifting of the U.S. oil export ban and a surprise dip in inventories could be triggering the move, analysts focused on investor sentiment ahead of the holidays, with traders covering shorts and squaring away their positions.

Brent +1% to $36.48; WTI +0.9% to $36.48.