television

Television is a widely used telecommunication medium for broadcasting and receiving live, moving greyscale or color images with sound. The term may also be used to refer specifically to a television set, programming or television transmission. The word is derived from mixed Latin and Greek roots, meaning "far sight": Greek tele (τῆλε), far, and Latin vision, sight (from video, vis- to see, or to view in the first person).
Commercially available since the late 1930s, the television set has become a common household communications device in homes and institutions, particularly as a source of entertainment and news. Since the 1970s, video recordings on tape and later, digital playback systems such as DVDs, have enabled the television to be used to view recorded movies and other programs.
A television system may be made up of multiple components, so a screen which lacks an internal tuner to receive the broadcast signals is called a monitor rather than a television. A television may be built to receive different broadcast or video formats, such as high-definition television, commonly referred to as HDTV.

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References to the price of petroleum are usually references to the spot price of either WTI/Light Crude as traded on the New York Mercantile Exchange (NYMEX) for delivery in Cushing, Oklahoma or the price 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 a barrel (which is 42 US gallons or approximately 159 litres) of oil is highly dependent on both its grade (which is determined by factors such as its specific gravity or API and its sulphur content) and location. The vast majority of oil will not be traded on an exchange but on an over-the-counter basis, typically with reference to a marker crude oil grade that is typically quoted via pricing agencies such as Argus Media Ltd and Platts. Other important 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 their "world oil price".

Weekly reports on crude oil inventories or total stockpiles that exist in storage facilities like these tanks, have a strong bearing on oil prices.
The demand for oil is highly dependent on global macroeconomic conditions, so this is also an important determinant of price. Some economists claim that high oil prices have a large negative impact on the global growth.
OPEC, consisting of Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, was formed to maintain the price of oil at a level most beneficial to its membership considered as a whole, and is considered to be a cartel by some observers. [1]

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