Published benchmark Brent crude was trading in more than half of the reference price of spot crude oil benchmark , at least 2,000 barrels a year , worth $ 20 trillion of cash based on Brent crude oil benchmark pricing . Crude oil equipment prices in the political and economic influence all aspects of society , so those most in need of strict supervision of the market and maintain its free, fair and competitive . European and American regulatory authorities to investigate the oil companies mutual " collusion " manipulating the benchmark price of crude oil and petroleum products, oil pricing mechanism reform has even more to the fore . Spot transactions should be possible to enter a more transparent trading exchanges , such as the standardization of futures derivatives , as reflected through public auction to buyers and sellers at a specific point in time to reach the current price of commodities . This is the crude oil futures price discovery function .
1983 listed on NYMEX light sweet crude oil mill plants contract is the world's largest crude oil futures liquidity contract . WTI futures contract trading unit is 1,000 barrels per hand , settlement shall Cushing, Oklahoma , delivery quality set of domestic and international transactions of several grades of crude oil to meet the different needs of the spot market . Good liquidity and price transparency , prompting the price of the contract to become the global benchmark crude oil prices .