Crude oil is arguably the most important commodity in the world, as the product and its derivatives make their way into virtually every application of modern life. Despite its popularity and widespread use, there are several misconceptions about the various types of oil, particularly the distinction between Brent oil and WTI. Brent oil is most often extracted and consumed in Northern Europe, giving traders a different way to play the crude market. Although Brent is sometimes overshadowed by WTI, many investors believe that Brent actually offers a better global benchmark for oil [for more Brent news and analysis subscribe to our free newsletter].