Brent crude trades near $68.20 per barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $68.20 per barrel, marking a 2% decline in price.

Since 2007, the Brent benchmark has been a blend of several crude oil grades produced from offshore fields including Brent, Forties, Oseberg, and Ekofisk, located between the coasts of Norway and the UK.

The price difference between these Brent grades and Urals crude typically ranges from $8 to $15 per barrel.

Major trading platforms for oil include international commodity exchanges such as NYMEX (WTI, USA) and ICE (Brent, Europe), as well as regional exchanges like SPIMEx (Urals, Russia) and SGX (Asia).

Trading takes place through futures and spot contracts tied to benchmark crude grades such as American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

This analysis was presented by Yulia Grishchenko, a member of the listing advisory board at Moscow Exchange, Ph.D. in Economics, and head of the Department of Financial and Investment Management at the Higher School of Management of the Financial University under the Government of the Russian Federation.