Energy and other indicators
Oil is used throughout the agricultural production process, for example as fuel for agricultural machinery and as input in upstream chemical industries, particularly fertilizers. Apart from directly impacting the cost of agricultural production, oil prices also affect global demand for biofuels.
Brent is the leading global price benchmark for Atlantic basin crude oils, which is used to price two thirds of the world's internationally traded crude oil supplies. West Texas Intermediate (WTI) is another important benchmark in oil pricing, and the underlying commodity for CME oil futures contracts.