Dubai crude oil price index
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Views Read Edit View history. This page was last edited on 23 March , at Crude oil is a mixture of a very large number of different hydrocarbons including alkanes paraffins , cycloalkanes naphthenes , aromatic hydrocarbons, or more complicated chemicals like asphaltenes and sulfur.
Each crude oil variety has a unique mix of hydrocarbons, which define its physical and chemical properties, like color and viscosity. Oil used in our daily life The oil is one of the most important sources used in our daily lives. We often think that petroleum is mostly used to power internal combustion engines in the form of gasoline or petrol. In fact, petroleum is not only used for transportation and producing electricity, but also used for producing clothes, plastics, beauty products and so on.
Apart from the common petroleum products such as LPG, Gasoil, Gasoline, Naphtha, Bitumen, Fuel Oil, Plastics, etc, there are lots of incredible petroleum products such as bicycle tires, fishing lures, perfumes, food preservatives, dentures, lipstick, vitamin capsules, petroleum jelly and so on. The oil price or the price of oil, generally refers to the spot price of a barrel of benchmark crude oil.
The different type of oil are with different density and sulfur content, that leads to the oil price difference. Crude oil price are commonly measured in USD per barrel. The price of oil is affected by global economic conditions and supply and demand as well as market speculation.
The International Energy Agency reported that high oil prices generally have a large negative impact on global economic growth. In the United States and Canada, the oil barrel abbreviated as bbl is a volume unit for crude oil, it is defined as 42 US gallons, which is equal to liters or 35 imperial gallons.