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The price of petroleum means the spot price of either WTI/Light Crude as traded on the New York Mercantile Exchange (NYMEX) for delivery in Cushing, Oklahoma, or of Brent as traded on the Intercontinental Exchange (ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe. The price of a barrel [...]

The petroleum industry generally classifies crude oil by the geographic location it is produced in (e.g. West Texas, Brent, or Oman), its API gravity (an oil industry measure of density), and by its sulfur content. Crude oil may be considered light if it has low density or heavy if it has high density; and it [...]