Brent Crude Trades Near $103.50 per Barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday near $103.50 per barrel, marking a 1.5% increase in price.

Since 2007, the benchmark Brent crude has been a blend of several grades produced from offshore fields such as 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 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 collectively shape the global pricing landscape.

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