North Sea Brent Crude Trades at $72 per Barrel on Tuesday

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On Tuesday, the North Sea benchmark crude oil grade BRENT is trading at $72 per barrel, marking a 1% drop in value.

Meanwhile, the Russian export blend URALS, which combines heavy sour crude from the Urals-Volga region and light West Siberian SIBERIAN LIGHT, is hovering around $58 per barrel.

The price differential between BRENT and URALS 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 takes place through futures and spot contracts tied to benchmark grades of oil: American WTI, European Brent, and Asian Dubai/Oman, which collectively shape the global pricing landscape.

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