North Sea Brent crude trades near $96 per barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading at around $96 per barrel on Thursday, marking a 5% increase in value.

Since 2007, the benchmark Brent crude has been a blend of several grades of oil 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 typically 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 SPIMEx (Urals, Russia) and SGX (Asia).

Trading is conducted through futures and spot contracts linked to benchmark grades of oil, including American WTI, European Brent, and Asian Dubai/Oman, which collectively form the global pricing framework.

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