# The benchmark for determining global crude oil prices is changing

> S&P Global Commodity Insights plans to add Texas WTI-linked grades to the Dated Brent benchmark, which currently prices about two-thirds of globally traded crude. The change reflects declining output from the North Sea fields that historically defined the index.

- Date: 2023-03-31 · published 2023-03-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/37046-the-benchmark-for-determining-global-crude-oil-prices-is-changing
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A structural change to the global crude benchmark affects how physical oil contracts are priced, but it does not directly move crude price levels on its own.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Sources

- marketplace.org: https://www.marketplace.org/story/2023/03/31/the-benchmark-for-determining-global-crude-oil-prices-is-changing

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.