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What is the oil in futures?
Cloth oil in futures refers to Brent crude oil traded in London.

Brent crude oil, Brent oil in English, is produced in Brent area of North Atlantic. London Intercontinental Exchange and the New York Mercantile Exchange have their futures trading, which is the benchmark of market oil price.

The price difference between West Texas Light Crude Oil (WTI) in the US market and Brent crude oil in the North Sea is still very large.