Light Sweet Crude Oil

Light Sweet Crude Oil is a benchmark crude produced in Texas (USA) which contracts are traded on Chicago Mercantile Exchange. Historically its prices are close to those of Brent despite a higher quality.

Oil price setting equally depends on the geopolitics, macroeconomics and supply/demand balance. Oil prices are greatly influenced by a concerted position of Organization of Petroleum Exporting Countries (OPEC) which includes such countries as: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola.