@ Glasshouse- The quoted price you hear is either quoted on the Brent crude oil or WTI light crude oil price depending on the market you are trading on. Brent Crude is not as high quality as West Texas Intermediate (WTI) light, but it is considered light sweet crude. Brent crude is a light crude blend that has sulfur content around 0.35%.
WTI light crude, on the other hand, is a lighter sweet crude oil than Brent Crude is. It also has a lower sulfur content, coming in around 0.25%. This is the type of crude oil most common in the Gulf of Mexico and along the Southern United States.