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References to the price of oil are usually references of either the next-month-yet-unexpired futures contract for a barrel of Light Sweet Crude (West Texas Intermediate grade) traded on the NYMEX (New York Mercantile Exchange) for delivery in Cushing, Oklahoma: or the price of futures contract for a barrel of Brent Crude grade (found in the North Sea) traded on the International Exchange (ICE) for delivery in Sullom Voe in Scotland. The general public usually refers to the futures contracts because these are publicly traded, as opposed to Over-The-Counter forward contracts heavily utilized by oil producers, distributors and crude oil processors. Spot prices, although existent, are much less frequently quoted since they usually follow the futures contracts.

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