Brent crude trades at $71.30 per barrel on Wednesday

© ООО Региональные новости

Brent crude oil, the benchmark grade extracted from the North Sea, is trading at around $71.30 per barrel on Wednesday, marking a 0.7% increase in value.

Russian Urals crude, which consists of heavy sour oil from the Urals-Volga region and light West Siberian Siberian Light oil, is currently trading (futures contracts) at $57 per barrel.

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 SPIMES (Urals, Russia) and SGX (Asia).

Trading takes place through futures and spot contracts linked to benchmark grades such as American WTI, European Brent, and Asian Dubai/Oman, which helps shape the global pricing landscape.

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