Looking at the $18 rally in sweet crude, though, Dan Dicker of MercBloc noted $12 of that rally has been due to the tightening in the Brent, WTI spread. Brent itself has really only gone from $108 to $113 a barrel – just a $5 move – and Brent, not U.S. light, sweet crude, is the price that affects global oil prices, he said.
With Brent trading at roughly $113 a barrel, though, he thinks there is value in the exploration and production companies that have international exposure.
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CNBC.com with wires.