Brent crude trades near $76 per barrel on Wednesday

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Brent crude oil, the benchmark variety extracted from the North Sea, is trading at around $76 per barrel on Wednesday, marking a 2% decline in value.

Russian Urals crude, which includes heavy sour oil from the Urals-Volga region and light Siberian Light crude from Western Siberia, is trading (futures contracts) at $63 per barrel.

The price difference between Brent and Urals crude 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 crude varieties: American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

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