Brent Crude Oil is a major trading type of sweet light crude oil that serves as a major benchmark price for purchases of oil around the world. This grade of oil is described as 'light' because of its low density, and sweet because of its low sulfur content.
Brent crude oil is a light crude oil (LCO), but heavier than West Texas Intermediate (WTI). It contains approximately 0.4% sulphur, which classifies it as sweet crude, yet not as sweet as WTI. Brent is suitable for production of petrol and middle distillates. It is typically refined in Northwest Europe.
More than four thousand years ago, asphault was employed in the construction of the walls and towers of Babylon; there were oil pits near Ardericca (near Babylon), and a pitch spring on Zacynthus (Greece).
Brent crude oil has a wide range of applications, from the productions of plastics to energy production. 44% of brent crude oil is used in the production of petrol.
The ICE Futures Europe symbol for Brent crude futures is B. Brent crude oil was originally traded on the open outcry International Petroleum Exchange in London, but has been traded on the Electronic Intercontinental Exchange, or ICE since 2005.