what is brent crude oil 
brent crude oil is crude oil that is drilled in one of the four oil fields in the north sea between england germany and scandinavia it is one of the two major benchmark oils in the world the other being wti west texas intermediate crude crude oil is defined as natural unrefined petroleum that can be refined into thousands of products known as petrochemicals the most common uses of refined crude oil include gasoline diesel fuel kerosene heating oil and kerosene because crude oil is a nonrenewable source and poses many dangers to the environment and world eco system in recent years much progress has been made in finding alternative energy sources including solar and wind which are safer and will never run out as a result it is difficult to know how much longer crude oil will be considered a critical commodity however for now it certainly is and many countries are major suppliers including the united states russia and saudi arabia like most commodities the price of brent and wti is driven primarily by supply and demand and is extremely vulnerable to external factors if for example members of opec organization of petroleum exporting countries decide to limit production of oil the global supply will dwindle and the price of brent and wti will rise alternately when oil rich countries opec and others produce excessive amounts of oil the supply outweighs the demand and the prices can drop 