North Sea Brent Crude Trades at $83.54 per Barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $83.54 per barrel, marking a price increase of 2.6%.

Since 2007, the benchmark Brent crude has been a blend of several grades produced at 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 typically ranges from $8 to $15 per barrel.

The main trading platforms for oil are 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 grades, including American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

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