North Sea Brent crude trades near $105 per barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $105 per barrel, marking a 2.6% increase in price.

Since 2007, Brent has been a blend of several oil grades produced at offshore fields such as Brent, Forties, Oseberg, and Ekofisk, located between the coasts of Norway and the UK.

The price difference between Brent and Urals crude, another key benchmark, typically ranges from $8 to $15 per barrel.

Major trading platforms for oil include international commodity exchanges like NYMEX (WTI, USA) and ICE (Brent, Europe), as well as regional exchanges such as SPIMES (Urals, Russia) and SGX (Asia).

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

This analysis was provided by Alexey Grishchenko, Ph.D., Professor of Operational and Industry Management at the Higher School of Management, Financial University under the Government of the Russian Federation.