Brent crude
Brent crude is oil from the North Sea. It is used as the price benchmark for oil in Europe, Africa and the Middle East.
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Expanded Definition
According to the U.S. Energy Information Administration in 2011, Brent crude oil is "actually a combination of crude oil from 15 different oil fields in the Brent and Ninian systems located in the North Sea. Its API gravity is 38.3 degrees (making it a “light” crude oil, but not quite as “light” as WTI), while it contains about 0.37 percent of sulfur (making it a “sweet” crude oil, but again slightly less “sweet” than WTI). ... Brent blend is generally priced at about a $4 per-barrel premium to the OPEC Basket price or about a $1 to $2 per-barrel discount to WTI, although on a daily basis the pricing relationships can vary greatly."
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