<P> The other well - known classifications (also called references or benchmarks) are the OPEC Reference Basket, Dubai Crude, Oman Crude, Urals oil and West Texas Intermediate (WTI). Brent is the leading global price benchmark for Atlantic basin crude oils . It is used to price two thirds of the world's internationally traded crude oil supplies . </P> <P> Originally Brent Crude was produced from the Brent oilfield . The name "Brent" comes from the naming policy of Shell UK Exploration and Production, operating on behalf of ExxonMobil and Royal Dutch Shell, which originally named all of its fields after birds (in this case the brent goose). But it is also a backronym or mnemonic for the formation layers of the oil field: Broom, Rannoch, Etive, Ness and Tarbert . </P> <P> Petroleum production from Europe, Africa, and the Middle East flowing West tends to be priced relative to this oil, i.e. it forms a benchmark . </P> <P> Brent blend is a light crude oil (LCO), though not as light as West Texas Intermediate (WTI). It contains approximately 0.37% of sulphur, classifying it as sweet crude, yet not as sweet as WTI . Brent is suitable for production of petrol and middle distillates . It is typically refined in Northwest Europe . </P>

What is wti crude oil and brent crude oil