Websites such as CNBC and Bloomberg provide daily crude oil prices for West Texas Intermediate and Brent crude oil, according to each website. Brent and West Texas Intermediate are the most popular benchmark oil prices among investors, states Investopedia.
Brent crude oil prices are the most widely used benchmark since two-thirds of all contracts in the world use Brent Blend, explains Investopedia. Investors from Europe, Australia, the Mediterranean and Asian countries use Brent crude to help price light-sweet crude oil, which is a type of oil that is low density and low in sulfur.
West Texas Intermediate crude oil is the most popular benchmark for United States investors, cites GlobalPetrolPrices.com. WTI crude oil is a physical market based on pipeline connections that carry oil to the trading hub in Cushing, Oklahoma. Investors use the WTI as a reference to price domestic oil from the Gulf of Mexico and North Dakota. Investors also use WTI crude oil prices as a reference to price imported oils from Canada and Latin America. Manufacturers of gasoline use WTI crude oil to refine their products since the oil is light and sweet. Therefore, the price of a barrel of WTI crude oil directly impacts the price of a gallon of gas in the United States.