The pricing of the international crude oil market is based on the standard oil in the world's major oil-producing areas. All crude oil produced or sold in the United States is priced based on WTI with light weight and low sulfur.

Due to the strength of American super crude oil buyers and the influence of New York Futures Exchange itself, crude oil futures trading based on WTI has become the leader in global commodity futures trading volume.

However, more than two-thirds of the world's crude oil trading volume is not based on WTI, but on Brent crude oil in the North Sea, which is also light and low in sulfur.

London has thus become one of the three major international crude oil futures trading centers. Brent crude oil futures and spot market constitute Brent crude oil pricing system, covering up to 80% of the global crude oil trading volume. Even today when the price of crude oil in new york is becoming more and more important, about 65% of the global crude oil trading volume is based on Brent crude oil in the North Sea.