Brent crude trades near $83.30 per barrel on Wednesday

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Brent crude oil, the benchmark North Sea oil, is trading at around $83.30 per barrel on Wednesday, marking a 2.6% increase in price.

Russian Urals crude oil, which includes heavy sour oil from the Urals-Volga region and light West Siberian Siberian Light oil, is trading (futures contracts) at $66 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 SPbMICE (Urals, Russia) and SGX (Asia).

Trading takes place through futures and spot contracts linked to benchmark crude oils: American WTI, European Brent, and Asian Dubai/Oman, which form the global pricing landscape.

This overview 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.