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Generally speaking, oil with an API gravity between 40 and 45° commands the highest prices. Above 45°, the molecular chains become shorter and less valuable to refineries. [8] Crude oil is classified as light, medium, or heavy according to its measured API gravity. Light crude oil has an API gravity higher than 31.1° (i.e., less than 870 kg/m 3)
Although crude oil assays evaluate various chemical properties of the oil, the two most important properties determining a crude's value are its density (measured as API specific gravity) and its sulphur content (measured per mass). Crude oil is considered "heavy" if it has long hydrocarbon chains, or "light" if it has short hydrocarbon chains ...
Brent crude futures fell 2 cents to $77.47 a barrel by 0132 GMT while U.S. crude futures were at $73.81 a barrel, up 4 cents, or 0.1%. ... Oil prices steadied on Wednesday as investors weighed the ...
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
Oil prices rose on Tuesday amid tight supplies and speculation over what $100 oil could do to the economy.. West Texas Intermediate settled at $90.39 per barrel on Tuesday while Brent also closed ...
The clear cut definition of light and heavy crude varies because the classification is based more on practical grounds than theoretical. The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37° API (840 kg/m 3) and 42° API (816 kg/m 3), while it defines light crude oil for non-U.S. oil as being between 32° API (865 kg/m 3 ...
US crude settled at $79.97 per barrel. Brent ( BZ=F ) futures also rose more than 2% to settle at $83.94 per barrel. Friday's jump follows two consecutive months of price gains .
Dubai Crude is generally used for pricing Persian Gulf crude oil exports to Asia. The Dubai benchmark is also known as Fateh, used in the United Arab Emirates. [1] Forward trade of Dubai Crude is limited to one or two months. Dubai Crude is a medium oil. It has a gravity of 31° API (specific gravity of 0.871) and a sulfur content of 2%/weight. [2]