Change in listing of oil imports

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concernedcitizenx5's picture
concernedcitizenx5
Status: Bronze Member (Offline)
Joined: Jan 15 2011
Posts: 26
Change in listing of oil imports

As part of my daily routine at work, I regularly check local fuel prices and the price of the barrel of crude. I use oil-price.net. I cannot remember what the former listing for crude was but I know it is not what is currently listed on that site. Crude was listed as a single listing under one name. Now it is listed under two names. One is WTI or West Texas Index and the other is Brent Crude. I was just curious as to why the sudden change. Are we now longer buying from OPEC? Are they no longer accepting our money? Is the situation in Egypt worse than what the news is telling us? Anyone with info on this would satisfy my curiosity.  Thanks in advance. Ron

DCampoli's picture
DCampoli
Status: Member (Offline)
Joined: Oct 4 2010
Posts: 2
Re: Change in listing of oil imports

Historically both prices have been very similar.  Both prices are now being listed due to the unprecedented divergence in price caused by fears of a Suez Canal closure cutting off the short route to Europe.  I expect the prices to converge as oil is diverted from the US to Europe to take advantage of the higher Brent price.

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