Brent crude oil includes four kinds of light and low-sulfur crude oils produced in Beihai Oilfield: Brent, Forties, Ekofisk and Oseberg. Brent and Forties are located off the coast of England, while Ekofisk and Oseberg are located off the coast of Norway. Brent crude oil is mined at sea, which is difficult and costly.

American crude oil (WTI crude oil) is mainly light crude oil from the Middle East, with low exploitation difficulty, low cost and good quality, and its delivery point is located in Cushing, Oklahoma, USA.

2. Exchange

Brent crude oil is mainly traded in the London commodity futures market.

American crude oil is traded on the New York Mercantile Exchange.

3. Price

According to the principle of high quality and high price, the price of WTI crude oil with higher quality should be higher than Brent crude oil. However, because the supply and demand of crude oil in the two places and their respective refining processes are different, the price difference between them will also change.

4. Pricing method

The impact of Brent crude oil price mainly depends on changes in OPEC production and changes in demand in Europe and Asia.

U.S. crude oil price mainly depends on Cushing crude oil inventory: when the inventory is high, WTI price drops and Brent-WTI spread widens; When inventory is low, WTI price rises and Brent-WTI spreads close.

5. influencing factors

domestic factors in the United States have a greater impact on WTI crude oil, such as the shale oil revolution in the United States, which has suppressed its price even more.

factors outside the United States have a greater impact on Brent crude oil, such as the turmoil in the Middle East.

American crude oil is also one of the crude oil contracts of NYMEX (New York Mercantile Exchange). WTI crude oil, also known as Texas light crude oil, is the benchmark oil of American crude oil futures, that is, the subject matter. The international oil price basically refers to the crude oil futures in the United States, and less to the Brent crude oil in the North Sea in London.

Brent crude oil is a North Sea crude oil, which is traded in the London commodity futures market, which is also known as ICEBrent. At present, except for some crude oils from the Middle East and the Far East, most crude oils in the world (such as North Sea, Africa, Latin America, Canada, and some crude oils from the Middle East and the Far East exported to Europe) are priced by dtdbrent!