Oil benchmark
A crude grade whose price serves as the reference point for other grades.
How to read the number
World trade does not run on a single price of oil: every grade is quoted as a premium or a discount to a benchmark such as Brent or WTI.
When the metric lies
There are several benchmarks and their prices diverge. A headline saying oil has risen, without naming the grade, does not tell you whose revenue is involved.
Also known as: benchmark crude