When energy analysts and the media discuss the price of crude oil, they are typically referring to one of a small group of specific types of crude oil that are widely and actively bought and sold. The use of such benchmark crudes makes it easier for buyers and sellers to price the variety of crudes that are produced around the world.

Oil prices have fallen by over 20% in the last couple of months. Brent is currently trading $30 below its summer spike to $115 per barrel and many are left wondering what the Saudis are playing at.

The Brent-WTI spread, the difference between the front month futures price of North Sea Brent crude oil and that of West Texas Intermediate (WTI) crude oil, narrowed to $2.00 per barrel (bbl) as of October 15, after reaching a 2014 high of $14.95/bbl in January

West Texas Intermediate extended its slump into a bear market amid speculation that rising global oil supplies will be more than enough to meet slowing demand. London’s Brent traded at the lowest price since December 2010.

West Texas Intermediate crude fell from the highest price in seven days as concern eased over the risk of a supply disruption in the Middle East. Brent declined in London.

U.S. oil futures gained Friday on expectations of continued high demand, while global benchmark Brent held flat

OIL PRICES WTI, BRENT,1990 - 2014

India is increasingly dependent on imported fossil fuels as demand continues to rise

Egypt is the largest non-OPEC oil producer in Africa and the second-largest dry natural gas producer on the continent. The country also serves as a major transit route for oil shipped from the Persian Gulf to Europe and the United States.

The market's perception of reduced risk to Iraqi oil exports and news regarding increasing Libyan oil exports contributed to a drop in the Brent crude oil spot price to an average of $107 per barrel (bbl) in July, $5/bbl lower than the June average.