“Brent Blend” or Brent Crude refers to the oil drilled in the North Sea. Roughly two-thirds of the oil traded around the world is Brent Crude. The crude oil drilled from this region is known to be light and sweet which is ideal for the refining of diesel and gasoline. The exportation of oil from this region is well suited because transportation by sea costs less than transportation by land.
Oil extracted from wells in Texas and the Southwestern United States is known as West Texas Intermediate (WTI). When the Wall Street Journal or the New York Mercantile Exchange reports on current Crude Oil prices, it is referring to WTI. WTI is the dominant benchmark in the U.S. market. Oil drilled in Texas is typically transported via pipeline. The crude oil drilled in Texas is lighter and sweeter than Brent Crude. Transportation costs of WTI are higher than Brent Crude because most WTI is carried via pipelines. WTI is also referred to in the U.S. simply as Crude Oil.
Crude oil from the Middle East is commonly known to be a slightly lower grade than WTI or Brent. Oil drilled in this region is known to be heavier and have a higher sulfur content. It is referred to by several names: Dubai Crude, Oman Crude, and Urals Crude.