What does Brent crude mean?

Brent Crude may refer to any or all of the components of the Brent Complex, a physically and financially traded oil market based around the North Sea of Northwest Europe; colloquially, Brent Crude usually refers to the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract or the contract itself.

Is Brent crude a sweet crude?

The Brent oil platform is in the North Sea. We extract oil from the region to produce petroleum and middle distillates. Brent Crude contains around 0.37% of sulfur (British English: sulphur). It is, therefore, a ‘sweet crude.’ However, it is not as sweet as WTI (West Texas Intermediate).

Why is Brent crude considered a benchmark for premium oil?

So, crude oil that is both light and sweet is easier to refine. And these two qualities make up the benchmark for premium oils. Brent Crude is often considered the global benchmark for oil because roughly two-thirds of the world's oil is priced off Brent Crude futures.