Starting today, a particular type of US oil will factor into calculating rates for Brent crude, the European benchmark commodity that is the mainstay for global oil pricing. The shift signifies America’s growing influence in the world energy market. To understand how oil pricing works, consider local currencies — while they all generally fulfill the same function that doesn’t mean they’re equal in the global economy…
https://www.nasdaq.com/articles/texas-oil-is-now-part-of-the-brent-oil-benchmark
