What are the differences between various types of crude oil prices?
Crude oils vary in price because they vary in quality. Other factors — the makeup of the oil or its market penetration — can also influence price. West Texas Intermediate and Brent Blend are two crude oils that are either traded themselves or whose prices affect other types of crude oil. The press and analysts often refer to the following crude oil prices: West Texas Intermediate, Brent Blend, Imported Refiner Acquisition Cost (IRAC), OPEC Basket, and the NYMEX futures.
