Brent crude trades near $98 per barrel on Wednesday

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Brent crude oil, the benchmark grade extracted from the North Sea, is trading at around $98 per barrel on Wednesday, marking a 2% increase in value.

Russian Urals crude, which includes heavy sour oil from the Urals-Volga region and light West Siberian Siberian Light oil, is trading (futures contracts) at around $87 per barrel.

The price discount between Brent and Urals grades 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 grades: American WTI, European Brent, and Asian Dubai/Oman, which together shape the global pricing landscape.

This overview was presented by Alexey Grishchenko, Doctor of 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.