Brent crude trades near $97 on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday near $97 per barrel, marking a 3% 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 difference 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, including 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 tied to benchmark crude grades: American WTI, European Brent, and Asian Dubai/Oman, which together shape 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 at the Financial University under the Government of the Russian Federation.