11/07/2017: Why are there two prices for oil?

Nov 7, 2017

(Global Edition) From the BBC World Service ... More revelations from the leak of more than 13 million confidential tax documents from the offshore law firm Appelby — this time it's Apple that's in the crosshairs. What's the world's biggest company being accused of? Then, although there's no official definition for a tax haven, the island of Guernsey — between Britain and France — has often been considered one. While the crown dependency has not been named in the Paradise Papers leak, the island's chief minister speaks out, calling it a "political move" to publish stories related what he calls "stolen documents." Afterwards, oil prices are hovering near two-year highs. When we talk about the price of oil, we typically mention the European oil price, Brent crude, and the U.S. oil price, West Texas Intermediate Crude. Why?