What is the difference between WTI and Brent crude oil prices?
WTI is considered the benchmark for US-produced crude oil, while Brent is considered an international benchmark, based on crude oil extracted from the North Sea. Proposed Chinese import tariffs on US energy products saw WTI underperform Brent for a period.
Why is Brent oil price higher than WTI?
Why is Brent crude more expensive than WTI? Simply put, the preference for Brent crude today stems from the fact that it may be a better indicator of global oil prices. Brent essentially draws its oil from more than a dozen oil fields located in the North Sea.
What is WTI crude oil price?
78.14
Oil Price Charts
| Futures & Indexes | Last | % Change |
|---|---|---|
| WTI Crude | 78.14 | -0.32%(10 Minutes Delay) |
| Brent Crude | 82.13 | -0.15%(11 Minutes Delay) |
| Natural Gas | 5.090 | +0.43%(13 Minutes Delay) |
| Heating Oil | 2.371 | -0.5%(18 Minutes Delay) |
What is WTI oil used for?
WTI is a light, sweet crude oil, which refers to its low density and low sulfur content, and is often used for conversion to gasoline and diesel fuel.
What is Brent and WTI?
West Texas Intermediate: An Overview. The major difference between the crude oils Brent Crude and West Texas Intermediate is that Brent Crude originates from oil fields in the North Sea between the Shetland Islands and Norway, while West Texas Intermediate is sourced from U.S. oil fields.
Where does most US oil come from?
In 2020, Canada was the source of 52% of U.S. total gross petroleum imports and 61% of gross crude oil imports.
- The top five sources of U.S. total petroleum (including crude oil) imports by share of total petroleum imports in 2020 were.
- Canada52%
- Mexico11%
- Russia7%
- Saudi Arabia7%
- Colombia4%