Weekly Close: Oil Trades at $98 per Barrel

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Weekend Close: Oil Trades at $98 per Barrel

Brent crude oil (the benchmark North Sea oil) is trading at $97.50 per barrel on Friday, with prices rising by 1.6%.

Russian Urals blend (a mixture of heavy Urals-Volga and light West Siberian Siberian Light crude) is valued at $95 per barrel.

The price discount between Brent and Urals grades 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 is conducted through futures and spot contracts linked to benchmark crude grades: American WTI, European Brent, and Asian Dubai/Oman, which form the global pricing landscape.

This analysis was provided 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.