ENERGY: Saudis Sour On Texas Crude Oil Index.

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Historicially, two global benchmarks - Europe's Brent and US-based West Texas Intermediate- were used to price 3/4ths of the world's oil.
But last week, Saudi Arabia decided to drop the WTI(West Texas Intermediate) and replace it with the Argus Sour Crude Index (Asci), an index for oil extracted in the US Gulf of Mexico. That move opens the door for new pricing benchmarks.
"[The Saudi move] is an indication that probably the industry is seeking other benchmarks," says Philip Verleger, at the University of Calgary. "It is suggesting the time may be coming to find a new measure for crude."