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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.
Popular commodities include crude oil, corn, gold and Bitcoin. Other definitions of commodity include something useful or valued [4] and an alternative term for an economic good or service available for purchase in the market. [5]
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 ...
Indeed, the inclusion of oil would be no small detail. Canada exported over $160 billion worth of crude and refined petroleum in 2022, and US firms made up the lion's share of recipients. All told ...
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 ...
A 42-US-gallon (35 imp gal; 160 L) barrel of crude oil produces approximately 10 US gallons (8.3 imp gal; 38 L) of diesel, 4 US gallons (3.3 imp gal; 15 L) of jet fuel, 19 US gallons (16 imp gal; 72 L) of gasoline, 7 US gallons (5.8 imp gal; 26 L) of other products, 3 US gallons (2.5 imp gal; 11 L) split between heavy fuel oil and liquified ...
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 ...