A grade of (usually light) crude oil, the price of which is fixed by agreement between oil producers and used as a guideline for the setting of other oil prices.
Origin
1970s; earliest use found in Oil and Gas Journal.
Definition of marker crude in US English:
marker crude
noun
A grade of (usually light) crude oil, the price of which is fixed by agreement between oil producers and used as a guideline for the setting of other oil prices.