Discuss the characteristics of crude oil and distillate products. Explain the structure of crude oil markets and the trends in it over the past decade.

Crude oil and distillate products are pivotal commodities in the global economy, powering industries, transportation, and households worldwide. Understanding their characteristics and the dynamics of their markets is essential to comprehend the intricate global energy landscape.

### Characteristics of Crude Oil and Distillate Products:

#### Crude Oil:
1. Composition: Crude oil is a complex mixture of hydrocarbons obtained from geological formations. It consists of various components such as paraffins, aromatics, and sulfur compounds.
2. Grades: Crude oil comes in different grades based on its density (light or heavy) and sulfur content (sweet or sour). These distinctions impact its refining process and market value.
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