Brent Crude ($108.37 as of 10/01/2013) is a major trading classification of sweet light crude oil sourced from the North Sea. The other well-known classifications (also called references or benchmarks) are the OPEC Reference Basket, Dubai Crude, Oman Crude, and West Texas Intermediate (WTI). Brent is the leading global price benchmark for Atlantic basin crude oils. It is used to price two thirds of the world’s internationally traded crude oil supplies.
WTI ($102.33 as of 10/01/2013) is also used as a benchmark in determining oil prices, is crude oil of high quality. The spot price is fixed at Cushing, Oklahoma. WTI is lighter than Brent crude, has lower sulfur content- comparatively-and produces more oil during the refining process. With lesser sulfur, easier is the refining, and lesser the environmental effects on the planet (WTI has .24 % sulfur, while the sulfur content of heavy crude oil, like the one from Venezuela’s Orinoco Belt, is as high as 4.5 %. A reason why many people love this benchmark.) To be noted, though: WTI is more important in- and is-limited to the US. See www.oil-price.net. The WTI spread over Brent has increased causing the drop in fuel costs in the US, there is an oversupply in the Midwest, but pipeline constraints in the East and West may place pressure on US pricing.