Brent dominates oil market post-COVID, impacting global price discovery efficiency.
The study looked at how the COVID-19 crisis affected the oil market. They found that Brent crude oil futures prices had the most influence on WTI and INE futures prices. After COVID-19, the efficiency of price discovery in the INE market improved slightly but was still weaker than the other two markets. The dominant position in price contribution shifted from Brent to WTI in the relationship with INE after the pandemic outbreak.