West Texas Intermediate (WTI)
West Texas Intermediate, the US benchmark crude oil, is a light, sweet crude oil with an API gravity of approximately 40 and a sulfur content of approximately 0.3%. The spot price of West Texas Intermediate is reported at Cushing, Oklahoma.
Brent Blend is a light, sweet North Sea crude with an API gravity of approximately 38 and a sulfur content of approximately 0.4%. Most Brent Blend is refined in Northwestern Europe, but significant volumes are also shipped to the US and Mediterranean countries.
Brent Blend is used for pricing around two-thirds of the crude traded internationally. Rolling price assessments are based on physical Brent-Forties-Oseberg crude oil cargoes loading not less than 10 days ahead and loaded free on board at the named port of shipment (Brent Dated).