Light crude oil as opposed to heavy crude oil contains a low content of wax. The clear cut definition of 'light' and 'heavy' crude is hard to find, simply because the classification so made is based more on practical grounds than theoretical. Since crudes with high viscosities are more difficult to transport/pump, those with apparently lighter wax content are referred to as 'light crude' and the ones with substantially more wax are classified as 'heavy crude'. Heavy crude oil is the type of crude oil which is characterised by the presence of high amount of wax in it, as compared to light crude oil which contains a lesser amount of wax. ...
In the United States, the price of the front month Light Sweet Crude Oil futures contract, traded on the NYMEX commodities exchange (symbol CL), is widely reported as a proxy for the cost of imported crude oil. From below $20/barrel in early 2002, it rose above $67/barrel by August of 2005.
Crude oil futures are the world's most actively traded commodity, and the NYMEX Division light, sweet crude oil futures contract is the world's most liquid forum for crude oil future trading, as well as the world's largest-volume futures contract trading on a physical commodity.
Light, sweet crude oils are preferred by refiners because of their low sulfur content and relatively high yields of high-value products such as gasoline, diesel fuel, heating oil, and jet fuel.
The Brent blend crude oil futures contract is based on a light, sweet North Sea crude oil that serves as a benchmark grade and widely trades as a differential to the NYMEX Division's bellwether light, sweet crude oil futures contract.
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