At the other end of the scale, when the oil price hit rock bottom earlier this year, the WTI crude benchmark appeared to be too low in relation to global demand. The WTI crude is usually about $1 more expensive than London Brent, but at one point in January, it fell $12 below the rival European benchmark. The problem was inadequate storage at Cushing, Oklahoma, where physical WTI crude is delivered. The reserves were full to bursting point, creating the illusion of an oversupply in the international markets when the severity of the glut was in reality localised to this particular terminal.