Crude oil is the goods with world's largest trading volume, producing a huge impact on the currency and the stock market. BRENT-IPE and WTI-NYMEX
have dominated the global energy market and are used as a benchmark for crude oil pricing. For energy traders,the price gap between BRENT-IPE and WTI-NYMEX involves with a trading opportunity because the two prices will cross or diverge as the price change of single factors.
It mainly originates from Brent region of the North Sea in North Atlantic Ocean. It is also widely traded in futures, over-the-counter swaps, forward and spot market. BRENT oil is the core of global crude oil pricing system. It is considered as 'a highly flexible tool to avoid risks and trade'. About 70% of international crude oil trade is based on prices formed in the Brent market system.
It mainly originates from the US. It is a common type of crude oil in North America. All oil products produced in or sold to the US tend to be based on prices of WTI. Futures contract of this crude oil contains excellent liquidity and price transparency. So it is one of the three main base prices in international oil market.