North Sea Brent Crude Trades Near $70.30 per Barrel on Thursday

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Brent crude oil, extracted from the North Sea, traded on Thursday around $70.30 per barrel, marking a 0.1% drop in value.

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, which is a Russian blend, 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 SPIMES (Urals, Russia) and SGX (Asia).

Trading is conducted through futures and spot contracts linked to benchmark crudes: American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

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