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The three most quoted oil products are North America's West Texas Intermediate crude (WTI), North Sea Brent Crude, and the UAE Dubai Crude, and their pricing is used as a barometer for the entire petroleum industry, although, in total, there are 46 key oil exporting countries. Brent Crude is typically priced at about $2 over the WTI Spot price ...
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The ICE Futures Europe symbol for Brent crude oil futures is B. It was originally traded on the open outcry International Petroleum Exchange in London starting in 1988, [6] but since 2005 has been traded on the electronic Intercontinental Exchange, known as ICE. One contract equals 1,000 barrels (159 m 3) and quoted in U.S. dollars. Up to 96 ...
Petroleum products are materials derived from crude oil as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. [1] Most petroleum is converted into petroleum products, which include several classes of fuels. [2]
Petroleum [a] is a naturally occurring yellowish-black liquid mixture. It consists mainly of hydrocarbons, [1] and is found in geological formations.The term petroleum refers both to naturally occurring unprocessed crude oil, as well as to petroleum products that consist of refined crude oil.