Feb 2, 2009
| Last Updated
In media discussions of the oil market, there is a tendency to conflate WTI prices with the world price of oil. There are more than 130 varieties of crude oil and WTI (West Texas Intermediate) is not even the benchmark used to price most of the crude traded in the world. That distinction belongs to Brent, a UK blend of oils from the North Sea. Brent is used for pricing 2/3 of the world’s traded oil. WTI is mostly used for pricing oil consumed in the U.S. What makes these two crudes so special and, in the media’s eye, WTI even more so?
What Makes an Oil Marker?
Not all varieties of[...]
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