The Central Bank of Kenya (CBK) has revealed that global oil prices have declined ahead of the Energy and Petroleum Regulatory Authority (EPRA) September- October review. In its weekly Bulletin on September 13,

WTI oil has an American Petroleum Institute gravity of 39.6 degrees, considered “light.” WTI also has a sulfur content of just 0.24%, making it very “sweet.” WTI crude oil is typically the benchmark for U.S. oil prices in the trading world.

Florida gasoline prices are dropping after a big drop in crude oil costs, as the price per barrel fell last week to its lowest level since June 2023.

The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East.

Crude oil prices hit a 3-year low on Tuesday, September 10, 2024, as negative market sentiment overwhelmed traders. WTI crude fell by over 4% to $65.75 per barrel, while Brent crude dropped to $69.19 per barrel.