WTI (West Texas Intermedium) - WTI refers to oil extracted from wells in the U.S. It is light and sweet (low sulfur), a high quality crude oil. US as a big oil consumption country, coupled with the New York Futures Exchange in global influence, WTI crude oil futures is global benchmark of oil price. The public and the media usually say the number of dollars in oil, mainly refers to the WTI price.
Brent Blend - Similar to WTI, Brent is light and sweet crude oil too. At 23 June 1988, on London's International Petroleum Exchange (IPE) launched Brent crude oil futures contract, it been used as benchmark for the north-western Europe, North Sea, Mediterranean, Africa and Yemen and other countries and regions. Roughly two-thirds of all crude contracts around the world reference Brent Blend, making it the most widely used marker of all.
Dubai/Oman – This is a useful reference for oil of Middle Eastern crude. It is a slightly lower grade than WTI or Brent. This is benchmark of well-known OPEC (Organization of the Petroleum Exporting Countries) oil prices. It mainly export to Asian countries, therefore it tends to reflect the status of Asian demand for crude oil.
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| Source: IntercontinentalExchange (ICE) |
