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Brent prices usually reflect the cheapest or the most competitive physical crude oil in the above basket, which means that Brent prices usually reflect prices for Forties crude oil. [35] These quality changes to Brent Crude oil directly affect the premium or discount between what refiners would pay for WTI and Brent crude oil.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
Using benchmarks makes referencing types of oil easier for sellers and buyers. There is always a spread between WTI, Brent and other blends due to the relative volatility (high API gravity is more valuable), sweetness/sourness (low sulfur is more valuable) and transportation cost. This is the price that controls world oil market price.
Oil prices slid on Tuesday after President Donald Trump signed executive orders aimed at unleashing US production and hinted at tariffs against trading partners Canada and Mexico, sparking fears ...
Oil gained as much as 1% on Friday amid supply worries after Treasury Secretary Scott Bessent told Fox Business, "We are committed to bringing the Iranians to going back to 100,000 barrels per day ...
“We expect Canadian oil producers to eventually bear most of the burden of the tariff with a $3 to $4 a barrel wider-than-normal discount on Canadian crude given limited alternative export ...
Western Canadian Select (WCS) is a heavy sour blend of crude oil [1] that is one of North America's largest heavy crude oil streams [2] and, historically, its cheapest. [3] It was established in December 2004 as a new heavy oil stream by EnCana (now Cenovus), Canadian Natural Resources, Petro-Canada (now Suncor) and Talisman Energy (now Repsol Oil & Gas Canada). [4]
The average price of gasoline hit $3.86 per gallon on Thursday, according to AAA. Prices were $0.06 higher than a week ago, and $0.16 more than exactly one year ago.