US oil definition
US Oil is another name for West Texas Intermediary (WTI) Crude Oil. WTI is the benchmark for Atlantic basin crude oils because of its location in the Gulf coast and central US. The US oil is traded on the New York Mercantile Exchange (NYMEX).
WTI oil is characterized as a light, sweet crude oil with a higher sulfur concentration compared to Brent Crude, the other benchmark oil.
Is WTI more expensive than Brent Crude?
WTI is not more expensive than Brent Crude oil. It was at one point, but developments in North American extraction like fracking combined with the high sulfur concentration allow WTI to be drilled and refined for cheaper.
Brent Crude’s price is also more affected by geopolitical conflict being drilled in Northern Europe and the primary oil benchmark of all OPEC nations, making the price higher than WTI.