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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 ...
Petroleum [a] is a naturally occurring yellowish-black liquid mixture. It consists mainly of hydrocarbons, [1] and is found in geological formations.The term petroleum refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil.
The oil market, like other markets, is one in which prices are largely determined by what traders and investors call "market psychology." That's because at any given time, there's usually enough ...
Petroleum products are materials derived from crude oil as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. [1] Most petroleum is converted into petroleum products, which include several classes of fuels. [2]
Investors are snapping up crude oil futures as a hedge against the risk that U.S. President Donald Trump's threatened trade tariffs will cause a resurgence in global inflation, adding momentum to ...
Oil prices will fall to an average of $65 per barrel in 2025 amid an oversupply of crude and a backdrop of slowing demand as countries shift toward cleaner energies and forms of transportation ...
A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend , and Dubai Crude .
Canadian and Mexican crude accounted for around 28% of U.S. refiners' crude diet in 2023, Energy Information Administration data (EIA) showed, with inland refineries in the Midwest especially ...