Brent crude trades near $95 per barrel on Wednesday

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On Wednesday, the benchmark North Sea crude oil, Brent, is trading around $95 per barrel, marking a 14% decline in value.

Russian export-grade Urals crude, which includes heavy sour oil from the Urals-Volga region and light West Siberian Siberian Light crude, is trading at around $92 per barrel in futures contracts.

The price discount between Brent and Urals 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 takes place through futures and spot contracts tied to benchmark crudes such as American WTI, European Brent, and Asian Dubai/Oman, forming a global pricing framework.

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