This platform is divided into two types- Brent Crude Oil (Brent) and West Texas Intermediate Crude Oil (WTI)
Brent Crude Oil (Brent)
Brent Crude is from the Northern Atlantic, North Sea Region. The London intercontinental exchange and the New York Mercantile Exchange have their own futures trading, which is a benchmark for the price of the oil in the market. The external swap, future, long-term and on-hand markets are widely traded on. Now, more than 65% of the world’s actual crude oil is tied to the Brent system pricing.
Western Texas Intermediate Crude Oil (WTI)
WTI or West Texas Intermediate (Crude Oil), North America is the more common type of crude oil. All crude oil produced in the United States or sold in the United States is priced on the basis of a light, low-sulfur WTI. WTI crude oil has become the benchmark of global oil pricing, and in order to unify the domestic crude oil pricing system, the U.S uses the NYMEX (New York Mercantile Exchange). The WTI crude oil contract is listed on the U.S stock exchange as the base. This crude oils future contract, with good liquidity and high price transparency, is one of the three benchmark prices in the world crude oil market.
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