The chemical composition and physical properties of oil vary according to the oil field.
The value of oil depends primarily on the content of light fractions
(petrol, petroleum and gas oil) and on the amount of sulphur. The more
light fractions there are and the less sulfur there is, the more valuable the oil is.
Both are fine, but
properties is a more 'chemical' word, and that's what I would choose.
Certain is odd, and I have deleted it and adjusted the phrase. I have also fixed the parallelism of the
the more...the more clause.