Whois & Analysis for oil-price.net

The price of oil, or the oil price, generally refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil, Isthmus and Western Canadian Select (WCS).

There is a differential in the price of a barrel of oil based on its grade—determined by factors such as its specific gravity or API and its sulphur content—and its location—for example, its proximity to tidewater and/or refineries.

Heavier, sour crude oils lacking in tidewater access—such as Western Canadian Select— are less expensive than lighter, sweeter oil—such as WTI.

Brent Crude is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide.

This grade is described as light because of its relatively low density, and sweet because of its low sulfur content.

Brent Crude is extracted from the North Sea and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes (also known as the BFOE Quotation).

The Brent Crude oil marker is also known as Brent Blend, London Brent and Brent petroleum.

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.

In physics, energy is the property that must be to an object in order to perform work on – or to heat – the object, and can be converted in form, but not created or destroyed.

The SI unit of energy is the joule, which is the energy transferred to an object by the mechanical work of moving it a distance of 1 metre against a force of 1 newton.

The energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution.

Modern society consumes large amounts of fuel, and the energy industry is a crucial part of the infrastructure and maintenance of society in almost all countries.