Brent crude trades near $96 per barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $96 per barrel, marking a 1.2% increase in price.

Since 2007, the benchmark Brent crude has been a blend of several grades produced at offshore fields such as Brent, Forties, Oseberg, and Ekofisk 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 like NYMEX (WTI, USA) and ICE (Brent, Europe), as well as regional exchanges such as SPIMES (Urals, Russia) and SGX (Asia).

Trading is conducted through futures and spot contracts linked to benchmark grades: American WTI, European Brent, and Asian Dubai/Oman, which together form the global pricing landscape.

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