Live Oil Price Chart. NYMEX Oil Futures Prices Quote. Light Crude oil is crude oil with a low wax content. The clear cut definition of ‘light’ and ‘heavy’ crude is hard to find, simply because the classification so made is based more on practical grounds than theoretical. Since crudes with high viscosities are more difficult to transport/pump, those with apparently lighter wax content are referred to as ‘light crude’ and the ones with substantially more wax are classified as ‘heavy crude’. Commodities. NYMEX
A wide variety of benchmark crude oils worldwide are considered to be light. The most prominent in North America is West Texas Intermediate which has an API gravity of 39.6° API (827 kg/m3). It is often referred to by publications when quoting oil prices. The most commonly referenced benchmark oil from Europe is Brent Crude, which is 38.06° API (835 kg/m3). The third most commonly quoted benchmark is Dubai Crude, which is 31° API (871 kg/m3). This is considered light by Arabian standards but would not be considered light if produced in the U.S.
The largest oil field in the world, Saudi Arabia’s Ghawar field, produces light crude oils ranging from 33° API (860 kg/m3) to 40° API (825 kg/m3)
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