Brent Crude Trades Near $106 per Barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $106 per barrel, marking a 1% increase in price.

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

The price discount between these Brent grades and Urals crude typically ranges from $8 to $15 per barrel.

The main trading platforms for oil are international commodity exchanges like NYMEX (WTI, USA) and ICE (Brent, Europe), as well as regional exchanges such as SPbMER (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 together form the global pricing landscape.

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