Oil is one of the most vital commodities in the world, and it’s important to understand that there are different types of crude oil that command different prices and market behaviours. Brent oil makes up roughly two-thirds of all crude oil contracts, making it the most widely traded benchmark of the oils. Classified as a ‘sweet’ oil because of its low levels of sulphur, Brent is preferred by end users because it requires less refining before use. There are many factors that drive the price of oil – including the global economy, geopolitical tensions, emerging market demand, and viable fuel alternatives. Every Wednesday there is a weekly Petroleum Report published by the EIA which typically triggers volatility – stay up to date with news, analysis, and trading activity here.