The above three benchmark oil prices are divided into spot price and futures price, among which the futures price delivered in the next month is the most valuable because of the large trading volume.
1, the New York Mercantile Exchange light sweet crude oil futures price.
The New York Mercantile Exchange light sweet crude oil is of good quality, also known as "West Texas Intermediate Oil" or "Texas Light Sweet Oil". Its price is the benchmark price of North American crude oil and one of the benchmark prices of global crude oil pricing. Generally speaking, "new york market oil price" refers to the futures price of light crude oil for delivery in the New York Mercantile Exchange next month.
2. North Sea Brent crude oil futures price of London International Petroleum Exchange.
Brent crude oil in North Sea of London International Petroleum Exchange is also a kind of light oil, but its quality is lower than that of the New York Mercantile Exchange light sweet crude oil. Crude oil produced in Africa, the Middle East and Europe is usually supplied to western countries based on Brent crude oil futures price. Generally speaking, "London market oil price" refers to the Brent crude oil futures price of the North Sea for delivery on the London International Petroleum Exchange next month.
3. Dubai crude oil price
Dubai crude oil is a kind of light acidic crude oil, which is produced in Dubai, United Arab Emirates. General news reports rarely cover the oil price in Dubai.