The two crude oil pricing benchmarks around the world are the Brent price and the West Texas Intermediate or WTI price. The two benchmark oil trade in the futures market and attract tremendous hedging, investment, and speculative interest. Brent crude oil is the preferred pricing mechanism for around two-thirds of the world’s crude oil while WTI is the benchmark for the other third. WTI is sweeter crude, meaning it has a lower sulfur level and is more appropriate for gasoline production in the refining process. Brent’s characteristics made it easier and cheaper as an input for the refining of diesel fuels and other distillates. Meanwhile, Brent and WTI are benchmarks, and while oil production all over the world may use them for pricing purposes, there are many discounts and