The petroleum oil price as quoted in news usually refers to the spot price per barrel (159 liters) of either WTI/light crude (traded on the New York Mercantile Exchange (NYMEX) for delivery at Cushing, Oklahoma) or of Brent (as traded on the Intercontinental Exchange - ICE, into which the International Petroleum Exchange has been incorporated) for delivery at Sullom Voe).The price of oil per barrel of crude depends first on its grade, determined by its specific gravity or API and its sulphur content (other factors may interven), and by its location. Other benchmarks include Dubai, Tapis, and the OPEC basket. The Energy Information Administration (EIA) uses the imported refiner acquisition cost, the weighted average cost of all oil imported into the US, as its "world oil price".