The benchmark price of crude oil refers to the reference price when trading crude oil. Crude oil prices in various countries will not deviate too far from the benchmark price, which has an important impact on the formation of crude oil prices in various places. At present, there are three benchmark prices for international crude oil trading, namely WTI crude oil price, Brent crude oil price and Dubai crude oil price. WTI crude oil: WTI crude oil is a light crude oil from West Texas, USA. All crude oil produced or sold in the United States is priced according to light and low sulfur WTI. Brent crude oil: Brent crude oil is a kind of light and low-sulfur crude oil produced in Brent and Nizhnan oil fields in the North Sea, which is widely traded in futures, OTC swaps, forward and spot spot markets. At present, more than 65% of the world's physical crude oil is linked to Brent system pricing. Dubai crude oil: Dubai crude oil is a kind of crude oil produced in the United Arab Emirates, which is the main pricing benchmark for sour crude oil, especially the crude oil exported from the Middle East to Asia. These are the three benchmark prices that constitute the world crude oil pricing system. At present, China and Shanghai also have crude oil futures. As the largest direct importer of crude oil, the price of Shanghai crude oil futures will also occupy some systems in crude oil pricing.