The 2 main types of oil that futures contracts are based on are West Texas Intermediate (WTI) and North Sea Brent. WTI is a lighter and sweeter type of oil better for gasoline production with a low sulfur content of around 0.24%. North Sea Brent is heavier and best for diesel fuel production. It has a sulfur content of roughly 0.37%. In the oil industry, crude oil with a sulfur content below 0.5% is considered “sweet.”
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