13.12.2013 - Oil prices: Spreading disarray
It is a common misconception that one barrel of oil is much like another. Crude varies by viscosity from watery to almost solid, by colour from fawn to deepest black and by sulphurousness from negligible to devilish. Around 100 benchmark grades are traded around the world, though a couple garner the most attention. Patriotic Americans focus on West Texas Intermediate (WTI). Most of the rest of the world uses Brent from the North Sea as a reference. When the two, differing slightly in quality, cost the same the distinction made little difference. In recent years the extraordinary flow of oil from American shale beds has led to a parting of the spigots...............................................Full Article: Source
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