The benchmark price of WTI was announced by the New York Mercantile Exchange, a subsidiary of Shang Zhi Research Institute. It is the main benchmark for the pricing of imported oil in the United States and domestic crude oil in North America (including Canada). WTI is sometimes called light and low sulfur crude oil because it belongs to low sulfur light crude oil.

WTI contract is the most active energy futures contract in ZZZ energy product series. The benchmark price of WTI is based on a series of crude oil mixed products mined in the central United States.

Brent crude oil is the second largest futures contract in the Chicago Board of Trade's series of oil benchmark products. Unlike WTI, this is a kind of futures based on Brent index and settled by financial means. Brent index represents the package reported price of futures contracts on the last trading day. The reported price is based on the crude oil output of four oil fields in the North Sea of Britain and Norway. The main grades that form the basis of the index are Brent, Forty, Oseberg and Ekofisk. These grades are collectively referred to as BFOE.

The content of this article comes from People's Republic of China (PRC) Financial Code: Application Edition by China Law Publishing House.