Oil is priced at various locations around the world via a mechanism called benchmark pricing which links local prices to publicly traded benchmarks such as NYMEX WTI crude oil and ICE Brent crude oil. Benchmark prices are also called price markers.
The petroleum industry is involved in the global processes of exploration, extraction, refining, transporting, and marketing petroleum products. The largest volume products of the industry are fuel oil and petrol.
WTI Crude Oil prices
Brent Crude Oil prices
Petroleum is also the raw material for many chemical products, including pharmaceuticals, fertilizers, and plastics. The industry is usually divided into three major components: upstream, midstream and downstream. Midstream operations are usually included in the downstream category.
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>A rapid increase in the price of oil could damage hopes of a global economic recovery, but the impact of current levels around $70 a barrel is difficult to judge, the International Energy Agency’s executive director said SEPTEMBER 15, 2009