Crude oil is a naturally occurring petroleum product commonly used in energy production and manufacturing. The purchase of crude oil is usually used for refining, to produce diesel, gasoline, fuel oil, jet fuel, plastics, cosmetics, pharmaceuticals and fertilizers that are needed for everyday use. Therefore, its price has a huge impact on the global economy. In general, as there is a rise in oil prices, the cost of travel and transportation also increase, thereby increasing inflationary pressures, personal consumption will usually be stagnant, so the upward trend in oil prices will often weaken economic growth.
The two main categories of crude oil are American oil, commonly known as West Texas Light Crude Oil (WTI) and British Petroleum and Crude Oil. Both crude oils are characterized by "low viscosity" and "low sulfur", which means they have low density (which makes the refining and transportation process more convenient) and low sulfur content (which makes them less impurities and less refining costs).
Therefore, compared to other “high viscosity” and “acidic” crude oils, they are closer to the above-mentioned desired finished products, and their prices are often higher.