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USA Crude Oil
April 26 , 2020
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- West Texas intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing in the USA.
- It is the best quality of crude oil in the world.
- This grade is described as light crude oil because of its relatively low density, and sweet because of its low sulfur content.
- US oil markets created history when prices of West Texas Intermediate (WTI) fell to “minus” $40.32 a barrel in New York on April 20th.
- This is the lowest crude oil price ever known.
- The previous lowest was immediately after World War II.
- It is one of the main three benchmarks in oil pricing, along with Brent crude (from North Sea) and Dubai Crude.
- The Indian crude oil basket does not comprise WTI.
- India bought only from the Brent and some of the Gulf countries — so there is no direct impact.
- One barrel is 157 litres.
- But after processing it comes to 166 litres.
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