Brent Crude Trades Near $71 Per Barrel on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $71 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 discount between these Brent grades and Urals crude typically ranges from $8 to $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 crude grades: American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

This analysis was provided by Alexei 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.