Best Financial Markets Analysis Article When you hear the news reporters talk about the price of crude oil in the marketplace, they're generally talking about WTI, which is West Texas Intermediate crude oil. It's a very light, sweet crude oil and the highest grade that's out there. Crude oil is based on and priced on the amount of sulfur that's in the oil. It makes it easier or harder to refine base on the amount of sulfur. WTI being the lightest and sweetest, is the highest priced crude oil in the marketplace.

It is a benchmark delivered in Cushing, Oklahoma.

In benchmarks for crude oil and global pricing of crude oil, WTI probably prices about 50% of the global pricing of crude oil. Brent being basically the other pricing benchmark. There's two out there, Brent being a little of a mixture of three different grades of crude oil; BF&O, Brent 40 and Ossenberg. They're all produced in the North Sea.

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