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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)
Dubai crude oil in USD per barrel ... Dubai Crude is used as a price ... It has a gravity of 31° API (specific gravity of 0.871) and a sulfur content of 2%/weight ...
The chemical profiles, or crude oil assays, specify important properties such as the oil's API gravity. The delivery locations are usually sea ports close to the oil fields from which the crude was obtained (and new fields are constantly being explored), and the pricing is usually quoted based on FOB ( free on board , without consideration of ...
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 ...
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In contrast, WCS is a heavy crude oil with an API gravity level of 20.5°." [6] The Canadian Crude Index (CCI) serves as a benchmark for oil produced in Canada. [7] It allows investors to track the price, risk and volatility of the Canadian commodity. [7]
Brent crude, the international benchmark, was trading at $78.11 per barrel as of 3:22 p.m. ET. Even without OPEC's help, analysts expect a major supply glut to weigh on prices through 2025.
Escalating tensions abroad could push oil prices to roughly $90 per barrel, according to one analyst. Prices weren't too far from those levels on Monday, as Brent hovered above $86 per barrel ...