Brent Crude Hits $79 per Barrel on Monday

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On Monday, the price of Brent crude oil, a North Sea benchmark grade, stands at $79 per barrel, marking a 2.5% decline in the value of black gold over the day.

Russian Urals crude, a blend of heavy high-sulfur oil from the Urals-Volga region and light West Siberian Siberian Light oil, is valued at $60 per barrel.

The price discount between these two 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 SPIMEx (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, shaping the global pricing landscape.

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