Brent crude oil is a kind of North Sea crude oil, from the North Atlantic Brent region named, is the intercontinental Exchange in London and the New York ercantile Exchange futures traded variety, one of the market benchmark oil prices.Brent crude oil is widely traded in futures, over-the-counter swaps, forwards and spot physical markets.
Currently, more than 65 percent of the world’s physical crude oil is priced using the Brent system, which is higher than the PRICE of U.S. crude.
Brent and WTI are very close in quality and price.Over the past decade, crude oil prices have risen and fallen in lockstep, with the former usually about 5% lower than the latter.For example, in 1998, Brent crude was $13.43 and New York WTI was $14.53.In 2004, they rose to $38.29 and $41.60 respectively.