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BRENT Crude Oil (1000 barrels) CFD, USD •UKOil•

About

UKOil

Crude oil has remained to be one of the most valuable commodities in the world. There are two major classifications of crude oil; the UK Oil popularly known as Brent Oil and the US Oil also known as West Texas Intermediate. Brent Oil is the international global price benchmark for crude oil. According to ICE Futures, up to two-thirds of the world's oil is priced relative to the ICE Brent. Brent Oil is extracted from oil fields in the North Sea primarily in Brent, Forties, Osberg and Ekofisk fields. The Brent Oil is characterized as being light due to its low density and sweet because of its low sulfur content (approximately 0.37% of sulfur). This variety of crude oil, however, contains more sulfur compounds and costs more than the US oil (WTI), since it costs more to refine. The crude oil market is extremely liquid and fast paced. The biggest factor affecting the Brent oil prices is supply and demand levels. Other factors that are given for the widening divergence between Brent and other index crudes range from dollar currency movements to regional demand variations, politics and market speculations.

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