WTI vs Brent
WTI is the US crude benchmark priced at Cushing, Oklahoma; Brent is the North Sea benchmark used to price most of the world's oil.
WTI (West Texas Intermediate) is a light, sweet crude delivered at Cushing, Oklahoma, the delivery point for the NYMEX futures contract. Brent is a crude from the North Sea, priced through a basket of grades, and it is the benchmark for most internationally traded crude. The two prices generally move together.
The difference between them depends on transport costs, crude quality and regional supply. Traders care because the gap signals whether US crude is flowing to export markets or is building up domestically. It also determines which contract is the right hedge for a given exposure.
Worked example (illustrative numbers, not real data): Brent at 80 dollars and WTI at 76 dollars gives a spread of 4 dollars per barrel.