Brent crude and WTI are the two most well-known types of crude oil. In fact, Brent crude is used as the world’s benchmark for oil prices – almost two thirds of futures traded are on Brent oil. It is from oil fields in the North Sea.
West Texas Intermediary is America’s benchmark oil – WTI is slightly sweeter and lighter when compared to Brent.
The other main oil type is Dubai or Oman crude, which is the Middle Eastern benchmark. It is typically a heavier oil and is used across Asian markets.