Brent crude trades near $69.20 per barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $69.20 per barrel, marking a slight decline of 0.1%.

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

The price difference between Brent and Urals crude (Russian oil blend) is typically $8-15 per barrel.

The main trading venues for oil are international commodity exchanges, including 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: American WTI, European Brent, and Asian Dubai/Oman, which shape the global pricing landscape.

This analysis was presented by Alexei Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.