Oil is falling in New York to $78.76

The prices lose 0.47% to 78.76 dollars a barrel

by Lorenzo Ciotti
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Oil is falling in New York to $78.76
© David McNew / Staff Getty Images

Oil is falling in New York, where prices lose 0.47% to 78.76 dollars a barrel.

What happens to crude oil futures

May Brent gained 66 cents, or 0.80%, to settle at 82.70 dollars a barrel. The April West Texas Intermediate contract gained 86 cents, or 1.10%, to $79.01 a barrel.
Ahead of Federal Reserve Chairman Jerome Powell's testimony before Congress and the release of US inventory data, crude oil futures rose on Wednesday.

Speaking of crude oil

Crude oil is a viscous liquid whose color varies from light yellow to dark brown or greenish, and in its almost totality its relative density is less than 1, i.e.

it has a lower specific weight than water. The color is darker in crude oils containing hydrocarbons with a higher average molecular weight. Its density and viscosity are also linked to the average molecular weight of the components, as the higher the average molecular weight, the denser and more viscous the crude oil is.

Crude Oil© David McNew / Staff Getty Images

It mainly consists of hydrocarbons belonging to the classes of alkanes, cycloalkanes and in smaller quantities aromatic hydrocarbons. The percentage of these hydrocarbons varies depending on the oil field from which the oil is extracted: considering a global average, a typical oil contains 30% paraffins, 40% naphthenes, 25% aromatic hydrocarbons, while the the remaining 5% is represented by other substances.

In the case of oils with a high alkane content we speak of paraffinic oils, while oils with a high cycloalkane content are called naphthenic oils. Paraffinic oils are more abundant in deeper subsurface areas, while naphthenic oils are more abundant in areas closer to the surface.

Given the high complexity of this mixture, to define the composition of a particular oil, instead of indicating the substances that constitute it, it is often preferable to indicate its elementary composition, which is mainly represented by carbon and hydrogen, since oil is a mixture made up mainly from hydrocarbons.

In percentage, it is composed of approximately 85% carbon, approximately 13% hydrogen and the remaining approximately 2% other elements.

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