Brent crude trades near $97 per barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $97 per barrel, with a price correction of 1%.

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 difference between these Brent grades and Urals crude (a Russian blend) typically ranges from $8 to $15 per barrel.

Major trading platforms for oil include international commodity exchanges such as NYMEX (WTI, US) 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 oil pricing landscape.

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