Friends who often pay attention to oil prices or financial news will often hear the names of many crude oils, such as Brent crude oil and WTI crude oil. Many friends are puzzled by the different names and prices of these crude oils. So, what is the difference between Brent crude oil and WTI crude oil? Here, I will introduce the difference between the two.

Brent crude oil

Brent is a kind of light and low-sulfur crude oil, which is produced in Brent and Nigeria oil fields in the North Sea. At present, more than 65% of the world's real crude oil is priced by Brent system, which is the benchmark of global oil price.

West Texas intermediate crude oil

WTI crude oil is a light intermediate base crude oil from West Texas, USA, and the crude oil produced or sold in the United States is priced based on WTI.

Simply put, the difference between Brent crude oil and WTI crude oil is mainly manifested in these three aspects: influence, trading place and price.

1, Brent crude oil is more global representative, reflecting the global crude oil price, while WTI crude oil is mainly used in the United States, mainly reflecting the US crude oil price, with strong regional characteristics.

2. Both London Intercontinental Exchange and the New York Mercantile Exchange have Brent crude oil futures, while WTI crude oil futures are mainly traded on Chicago Stock Exchange.

3. The price of Brent crude oil mainly depends on the change of output and demand of the Organization of Petroleum Exporting Countries in Europe and Asia, while WTI crude oil is mainly affected by inventory.