Oil Price Benchmarks
WTI, Brent, and Dubai Crude
Crude oil is traded globally using three primary benchmark grades: West Texas Intermediate (WTI), Brent Blend, and Dubai Crude. These benchmarks differ in geographic origin, quality (sulfur content and API gravity), and the markets they price.
- WTI (West Texas Intermediate): Extracted in the US (Texas, North Dakota, Louisiana). Lightest and sweetest (lowest sulfur content: 0.24% sulfur, API gravity 39.6). US benchmark; delivery point at Cushing, Oklahoma. Traded on the NYMEX exchange
- Brent Crude: Blend from North Sea fields (UK/Norway). Slightly heavier than WTI (API gravity 38.0, sulfur 0.37%). Global benchmark — approximately two-thirds of the world's internationally traded crude is priced off Brent futures. Traded on the ICE exchange
- Dubai Crude: The benchmark for Middle East crude exported to Asia. Less light than Brent or WTI; typically trades at a discount. India prices most of its crude oil imports against the Dubai/Oman benchmark
- India's official "Indian Crude Basket" is a weighted average of Oman/Dubai (sour) and Brent (sweet) crude
● Tracked since April 07, 2026 · last seen July 14, 2026 · updates as the daily brief publishes
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