What is the difference between light crude and Brent crude oil?
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Also light intermediate and heavy are measures of the weight of the crude.
Brent crude will have a weight and is also a benchmark crude. West texas intermediate is another along with Dubai sweet and Dubai sour. These are blends of oil typical for a producing region and are used as a benchmark to price other crude traded on the spot market and to some extent that which is sold under longer terms contracts.
Typically crude that is lighter than the benchmark you have chosen will trade or be contracted at a higher price.
Crude that is heavier than the benchmark will trade or be contracted at a lower price than the benchmark.
Sulphur content will also drive the price down
Note the avilability of the specific benchmark blend will drive the price of that benchmark and hence drive the price of the other crudes pegged to that bench mark. Due to the decreasing supply of brent oil and the dominance of supply of a few oil companies, some are proposing to replace the Brent standard with a new blend of brent and couple of other reservoir crudes from the north sea.
In short Brent crude is a benchmark that drives teh price of north sea crudes.
Light, intermediate, heavy, bitumen is a property of any crude.
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