International oil price: There are three benchmark prices for crude oil trading in the international market, namely, the price of light and low sulfur crude oil in the New York Mercantile Exchange, the price of Brent crude oil in the North Sea of London International Petroleum Exchange and the price of Dubai crude oil in the United Arab Emirates. 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 with better quality, also known as "West Texas Intermediate Oil" or "Texas Light Sweet Oil", 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. London International Petroleum Exchange North Sea Brent crude oil futures price London International Petroleum Exchange North Sea Brent crude oil is also 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 weakly acidic crude oil produced in Dubai, United Arab Emirates. General news reports rarely cover the oil price in Dubai.