Light crude oil

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'.

In the United States, the price of the front month light sweet crude oil futures contract, traded on the NYMEX commodity exchange (symbol CL), is widely reported as a proxy for the cost of imported crude oil. From below $20 a barrel in early 2002, it rose to an intraday peak of $70.85 at the end of August 2005 in the aftermath of Hurricane Katrina. A new intraday record high of $76.70 USD was set on July 13 2006 fuelled by firing by North Korea of at least six missiles on July 4-5, 2006 and Mideast violence.