The benchmark oil in the U.S. on the New York Mercantile Exchange has lost some status to other grades of crude, analysts say, as supply issues at home have depressed its price relative to competitor crude oils. Brent crude, for example, topped $71 a barrel last week.


Crude oil on the Nymex ended 2006 at $61.05 a barrel, while Europe's Brent crude closed the year at a slight discount of $60.86 a barrel. That relationship was the normal order of things for years: Nymex crude oil _ pegged to high quality light, sweet West Texas Intermediate _ has enjoyed benchmark status in the Americas for two decades and has generally fetched a premium to other grades of crude.

Recently, the balance has shifted.