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Sources for BRENT / WTI
Contract Prices
Updated daily at 8:30 a.m. EST
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BRENT
Colloquially, “Brent Crude” (BRENT) usually refers to the price of the Intercontinental Exchange (ICE) Brent Crude Oil futures contract or the contract itself.
The original Brent Crude referred to a trading classification of light (API gravity) and sweet (low-sulfur) crude oil first extracted from the Brent oil field in the North Sea in Europe in 1976.
Brent is the leading global price benchmark for Atlantic basin crude oils. It is used to set the price of two-thirds of the world’s internationally traded crude oil supplies. It is one of the two main benchmark prices for purchases of oil worldwide, the other being West Texas Intermediate (WTI).
WTI
Colloquially “West Texas Intermediate” (WTI) usually refers to the price of the CME’s New York Mercantile Exchange (NYMEX) WTI Crude Oil futures contract or the contract itself.
WTI is light (API gravity) and sweet (low-sulfur) thus making it ideal for producing products like low-sulfur gasoline and low-sulfur diesel.
Cushing, Oklahoma is a major trading hub for crude oil and has been the delivery point for crude contracts and therefore the price settlement point for West Texas Intermediate on the New York Mercantile Exchange for over three decades.