The crude oil moreover known as petroleum may be a fluid found within the Earth and is made of hydrocarbons, natural compounds, and minor amounts of metal. There are numerous sorts of crude produced around the world and the quality characteristics are reflected within the value. The foremost vital characteristics are sulphur substance, which can be characterized as sweet or acrid, and the density ranges from heavy to light.
The higher estimated crudes are more often light (lower density) and sweet (low sulphur amounts). It is more cost effective to create energy products, like gasoline and diesel, using a light sweet unrefined oil. These grades are needed more since they can be prepared with refineries requiring less energy.
Brent is the major benchmark price for buying oil worldwide and is utilized to price 2/3 of the world’s globally exchanged oil. It is considered a sweet light unrefined oil meaning low density and low sulphur.
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WTI (West Texas Intermediate): is the oil taken from wells in the U.S and sent to Oklahoma by pipeline, it is however, expensive to ship around the globe. WTI is the benchmark for all oil in the United States. Traded on the NYMEX exchange.
Brent Crude: This oil comes from fields in the North Sea and includes: Brent and Forties blends, and Oseberg and Ekofisk crudes. Easy to transport to far locations, this light and sweet oil is ideal for refining diesel and gasoline. Traded on the ICE EUROPE exchange.
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