Brent crude trades near $122 on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday near $122 per barrel, marking a 3.6% increase in price.

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

The price differential between Brent and Urals crude stands at $8-15 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, shaping the global pricing landscape.

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