By Noble DrakolnCrude oil is a naturally-occurring substance found in certain rock formations in the earth. Settlement prices on instruments without open interest or volume are provided for web users only and are not published on Market Data Platform (MDP). These prices are not based on market activity. Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure.
Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as weBrent oil is the light, sweet crude sourced from the North Sea.
Thus, when an economist mentions the price of oil, there is a high probability that they are quoting the cost of a barrel of Brent oil.