There are a number of different classifications of crude oil. First they are graded from “light/sweet” to “heavy/sour”. The lighter the oil, the less refining it needs, so the higher price it commands. Beyond these general classifications, there’s also where the oil comes from. Brent oil comes from the North Sea, off Scotland. It’s a light oil that’s heavier than West Texas Intermediate (WTI) and lighter than OPEC crude. It’s a mid-priced oil but lacks the volume of production available to WTI and OPEC oil production. The average price per barrel for Brent Crude was 70.02 as of August 01, 2021.
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