WTI oil has an American Petroleum Institute gravity of 39.6 degrees, considered “light.” WTI also has a sulfur content of just 0.24%, making it very “sweet.” WTI crude oil is typically the benchmark for U.S. oil prices in the trading world.

Crude oil prices continued their recent downward trend as geopolitical risks eased during the weekend. The West Texas Intermediate (WTI) crashed by 4.35% to $68.50, while Brent, the global benchmark,

Brent Crude oil prices opened lower due to renewed ceasefire hopes after a limited Israeli retaliatory attack on Iran. Click to read.

WTI oil has an American Petroleum Institute gravity of 39.6 degrees, considered “light.” WTI also has a sulfur content of just 0.24%, making it very “sweet.” WTI crude oil is typically the benchmark for U.S. oil prices in the trading world.

Brent crude oil prices have significantly decreased, reaching 71.46 USD per barrel on Tuesday. Prices fell nearly 6% earlier in the week, marking the most prominent daily drop in two years. The price reduction reflects the market’s reaction to developments in the Middle East, where the escalation of tensions has somewhat subsided.

Oil futures rose early Wednesday, attempting to find their footing after ending the previous session at seven-week lows as investors continued to fade geopolitical worries and turned their attention to a shaky demand outlook and prospects for ample supply.

Oil prices stabilised on Wednesday on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East.