Weekly Close: Oil Trades at $71 per Barrel

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Weekly Close: Brent Crude Hovers Around $71 per Barrel

Brent crude oil (the benchmark North Sea crude) traded on Friday at $71.22 per barrel, with prices rising by 0.7%.

Russian Urals crude (a blend of heavy Urals-Volga and light West Siberian Siberian Light oil) was valued at $58 per barrel.

The price discount between Brent and Urals grades 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 crude grades: American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

The 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.