Oil is a fossil fuel, a dark-colored liquid that is extracted from the upper layers of the earth’s crust.
As soon as it is extracted, the oil is called crude, while once refined and treated it can be used for multiple purposes and in different fields. There are 3 stages in the production process: extraction, transport to the plants and finally the processing and distribution of the now refined petroleum products.
In the oil market it is essential to understand the distinction between Wti and Brent. Both are in fact two reference baskets for the entire economy, but at the same time they present differences that need to be highlighted.
Brent oil is the basket of oils extracted in the North Sea off the coast of Scotland, while Wti represents the basket of oils extracted south of the United States of America. Both are considered sweet light, i.e. more valuable oils, but Wti has a better quality than Brent.
