Search for the definition you are looking for.
Synonymous with reference crude or marker crude. A crude oil whose price is used as a reference against which other crudes are priced. Because of their liquidity, the Nymex West Texas Intermediate (WTI) and IntercontinentalExchange/ICE Futures’ Brent crude oil futures contracts are used as global benchmarks. Dubai crude is widely used as a benchmark for Middle Eastern crudes, especially for sale to Asian markets.
* see also marker crudes