Crude Oil Price
Definition - What does Crude Oil Price mean?
Crude Oil Price is used to measure the spot price of the several barrels of oil. The most common oils are Brent Blend, West Texas Intermediate (WTI) and Dubai whose spot prices are measured. The prices of the crude oil from which various petroleum products like gasoline are derived from are dependent on several factors that affect the demand and supply of the crude oil. Higher prices of crude oil affect the cost of home heating oil, gasoline, electric power generation and manufacturing directly.
Petropedia explains Crude Oil Price
The Brent Blend and the West Texas Intermediate (WTI) are the commonly used crude oils whose spot prices are measured. The Brent Blend is a blend of crude oil extracted from fifteen distinct oil fields in the North Sea. It is an excellent source for making gasoline. The WTI is a high-quality crude oil as it has very low content of sulfur and is light in weight. Due to these reasons, the WTI is also called sweet and light crude oil. Higher prices of crude oil directly affect the users by increasing the prices of home heating oil and gasoline.