Brent Crude Future

What do they mean to take and is it accurate for the price of a barrel? It is from, http://www.bloomberg.com/energy/

Nymex stands for the New York Mercantile Exchange. You can learn more about what they do and how they do here; www.nymex.com

Brent Spot refers primarily to the oil produced from the North Sea. Wikipedia explains the story well; http://en.wikipedia.org/wiki/Brent_Crude

WTI stands for West Texas Intermediate and defines a particular grade of crude oil. Means Cushing Cushing, Oklahoma, which for decades has been an oil pipeline terminal and where you can physically take delivery of a contract for crude oil. http://en.wikipedia.org/wiki/ Cushing _Ok ...