Oil Economic Geography

when people refer to crude oil are they referring to brent crude or wti crude?

Also which market (nymex, cme etc) is the one people look to for crude oil prices?

Public Comments

1. Brent is a benchmark for oil from Europe the mid east and Africa. Its traded on the Intercontinental Exchange West Texas Intermediate Crude is a benchmark for oil produced in North America. Its traded on the NYMEX. This is probably what they are referring to, unless otherwise stated.