Crude Oil Closes Week at $72 per Barrel

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Weekend Wrap: Oil Trading at $72 per Barrel

Brent crude oil (the benchmark North Sea oil) is trading at $72.20 per barrel on Friday, marking a 0.5% increase in prices.

Russian Urals blend (a mixture of heavy Urals-Volga and light West Siberian Siberian Light crude) is valued at $57 per barrel.

The price difference between Brent and Urals grades stands at $8-15 per barrel.

Major oil trading platforms include 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 linked 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 Higher School of Management, Financial University under the Government of the Russian Federation.