Brent crude trades at $66.60 per barrel on Wednesday

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Brent crude oil, the benchmark variety extracted from the North Sea, is trading at around $66.60 per barrel on Wednesday, marking a 0.2% increase in price.

Russian Urals crude, which includes heavy sulfurous oil from the Urals-Volga region and light Siberian Light oil from Western Siberia, is currently priced at $55 per barrel in futures contracts.

The price discount between Brent and Urals crude stands at $8-15 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 linked to benchmark crude grades: American WTI, European Brent, and Asian Dubai/Oman, forming a global pricing framework.

This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Higher School of Management at the Financial University under the Government of the Russian Federation.