Brent crude trades at $98 per barrel on Tuesday

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On Tuesday, the benchmark North Sea crude oil grade, Brent, is trading at $98 per barrel, marking a 2.2% increase in price.

Russian export blend Urals, which consists of heavy sulfurous oil from the Urals-Volga region and light Western Siberian oil known as Siberian Light, is trading close to $87 per barrel.

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

The main trading platforms for oil are international commodity exchanges such as NYMEX (WTI, USA) and ICE (Brent, Europe), as well as regional exchanges like SPbMICE (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 overview was presented by Alexey Grishchenko, Ph.D. in Economics, Professor at the Department of Operational and Sectoral Management of the Higher School of Management at the Financial University under the Government of the Russian Federation.