[Alberta's Child]

The Saudis may trade oil on the two major spot markets, using West Texas Intermediate (WTI) and Brent Crude prices.

WTI prices have been historically low in recent years. WTI is usually higher than Brent, but that has been inverted for much of the last few years as more and more U.S. oil has come on the market and we now actually have a glut of oil in North America (we can't refine oil as quickly as we can produce it).

[thackney]

Saudi is pricing their oil relative to the Dubai Mercantile exchange for oil.

http://www.dubaimerc.com/

[TexasGator]

” we now actually have a glut of oil in North America (we can’t refine oil as quickly as we can produce it).”

Then why are we buying oil from Saudi Arabia??????