• Oil prices rose recently following a decision by OPEC+ to keep its oil output policy unchanged.

Global Crude Oil Benchmarks

• There are two global crude oil benchmarks for crude oil pricing–
  • Brent crude
    • Brent Crude is the benchmark used for the oil market in Europe, Africa, and Middle East, originating from oil fields in the North Sea.
    • Roughly two-thirds of all crude contracts around the world reference Brent Crude, making it the most widely used marker of all.
  • West Texas Intermediate (WTI)
    • WTI is the benchmark for the US oil market and is sourced from US oil fields.

ALSO DUBAI/OMAN

• This Middle Eastern crude is a useful reference for oil of a slightly lower grade than WTI or Brent.
• A “basket” product consisting of crude from Dubai, Oman or Abu Dhabi, it’s somewhat heavier and has higher sulfur content, putting it in the “sour” category.
• It is influential in the Asian market.