There are two international oil trademarks available for trading on Moscow Exchange Derivatives Market - Brent (Brent Crude Oil) and WTI - (Light Sweet Crude Oil).
Brent (Brent Crude Oil) - The most famous marker oil grade, named after the oilfield in the North Sea, from which the mining was originally conducted. It is now a mixture of varieties harvested from four oil deposits in one region between the coasts of Norway and Scotland: Brent, Forties, Oseberg, Ekofisk. The pricing of Brent oil affects the pricing of oil in Europe and Asia.
WTI - (Light Sweet Crude Oil) - The second most important reference oil grade produced in the state of Texas (USA). WTI is similar in parameters to Brent mark and classified as light and low-sulfur. Based on quotes of WTI the prices for other types of oil in the US and the Western Hemisphere are calculated.
Factors that influence price fluctuations:
- Political and economic situation in oil producing countries;
- Economic growth / recession in some countries;
- Natural disasters and calamities;
- Alternative energy market events;
- OPEC decisions;
- Market supply and demand.
Current futures prices