Oil benchmarks and barrels quiz.
Understand Brent, WTI, Dubai, barrel units and the differences between price series. Every answer includes a short explanation.
Answers and explanations.
Try the quiz first. Then open any question to check the answer and the reason behind it.
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What is an oil benchmark?
Choices: A reference price for a defined crude market · Every oil trade in the world · A tax on petrol
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A reference price for a defined crude market. A benchmark is a reference tied to a particular crude stream, location and market—not one universal oil price.
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How many US gallons are in a standard oil barrel?
Choices: 42 · 50 · 100
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42. A standard oil barrel contains 42 US gallons, or roughly 159 litres.
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If Brent is $4 above WTI, what does the $4 describe?
Choices: The benchmark spread · The refinery yield · The exchange rate
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The benchmark spread. The spread is the price difference between the two benchmarks on comparable dates and in comparable units.
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Does a higher API gravity usually mean a lighter crude oil?
Choices: Yes · No
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Yes. Yes. Higher API gravity generally describes a crude with lower density relative to water.
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Why should you check both dates before comparing two oil prices?
Choices: They may describe different market days · Oil has no units · Dates change barrel size
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They may describe different market days. Prices from different days experienced different market conditions. A fair comparison aligns observation dates.
Learn more about this topic.
- Oil benchmarks hub: WTI, Brent, Dubai and more side by side.
- Brent vs WTI: what the spread between them means.
- Crude oil quality guide: light, heavy, sweet and sour grades.
Put the lesson into practice in the Commodity Data Lab, apply it to the latest commodity snapshot, or review the source methodology.