Oil prices today brent dubai
Each crude oil variety has a unique mix of hydrocarbons, which define its physical and chemical properties, like color and viscosity. Oil used in our daily life The oil is one of the most important sources used in our daily lives.
We often think that petroleum is mostly used to power internal combustion engines in the form of gasoline or petrol. In fact, petroleum is not only used for transportation and producing electricity, but also used for producing clothes, plastics, beauty products and so on.
Apart from the common petroleum products such as LPG, Gasoil, Gasoline, Naphtha, Bitumen, Fuel Oil, Plastics, etc, there are lots of incredible petroleum products such as bicycle tires, fishing lures, perfumes, food preservatives, dentures, lipstick, vitamin capsules, petroleum jelly and so on.
The oil price or the price of oil, generally refers to the spot price of a barrel of benchmark crude oil. The different type of oil are with different density and sulfur content, that leads to the oil price difference.
Crude oil price are commonly measured in USD per barrel. The price of oil is affected by global economic conditions and supply and demand as well as market speculation. The International Energy Agency reported that high oil prices generally have a large negative impact on global economic growth. In the United States and Canada, the oil barrel abbreviated as bbl is a volume unit for crude oil, it is defined as 42 US gallons, which is equal to liters or 35 imperial gallons.
However, Outside the above two countries, volumes of oil are usually reported in cubic meters m3 instead of oil barrels. West Texas Intermediate WTI , also known as Texas light sweet , is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content.
It is the underlying commodity of New York Mercantile Exchange 's oil futures contracts. The price of WTI is often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea. It contains about 0. Cushing, Oklahoma is a major trading hub for crude oil and has been the delivery point for crude contracts and therefore the price settlement point for West Texas Intermediate on the New York Mercantile Exchange for over three decades.
The area became a "vital transshipment point with many intersecting pipelines, storage facilities and easy access to refiners and suppliers," infrastructure which remained after the Cushing field had declined in importance. Crude oil flows "inbound to Cushing from all directions and outbound through dozens of pipelines".
West Texas Intermediate is used as a benchmark in oil pricing. Historically, it has traded closely to Brent and the OPEC basket but currently it has been discounted against Brent crude oil. The anomaly occurred perhaps because of a temporary shortage of refining capacity. In early a large stockpile of oil at the Cushing storage and pricing facility mainly due to a refinery shutdown  caused the price to be artificially depressed at the Cushing pricing point.
As stockpiles decreased, the WTI price increased to exceed the price of Brent once again. The reason most cited for this difference was that Cushing had reached capacity due to a surplus of oil in the interior of North America. At the same time, Brent moved up in reaction to civil unrest in Egypt and across the Middle East. Since WTI-priced stockpiles at Cushing could not easily be transported to the Gulf Coast, WTI crude was unable to be arbitraged in bringing the two prices back to parity.