How Do You Calculate Crude Oil Price Per Barrel?
Determining the price of gasoline and crude oil is a complex matter that takes into consideration several factors such as the oil grade, the location, source, destination, the supply and demand, potential major crises in oil-producing countries (higher threat of which could shoot up worldwide oil prices) and a lot of other global and national benchmarks. The world oil price is the value of all the oil imported into the United States. Pricing markers or reference markers currently are the West Texas Intermediate (WTI) crude oil, which is superb quality crude oil that makes for excellent gasoline; Brent Blend, which is the major benchmark throughout Europe and Africa and which is also excellent though of lower quality than WTI; OPEC (or Organization of Petroleum Exporting Countries) Basket Price, which comes from countries such as Mexico, Dubai and Saudi Arabia – they are typically priced the lowest for their quality of crude oil is lowest, owing to high sulphur content, thereby making i
