Crude Oil Closes Week at $76 per Barrel

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Weekend Close: Brent Crude Trades at $76 per Barrel

Brent crude oil (the benchmark North Sea oil) is trading at $76.20 per barrel on Friday, down 0.5%.

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

The price discount between Brent and Urals grades 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 linked to benchmark crude grades: American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

Overview provided by Alexey Grishchenko, Ph.D., Professor of Operations and Industry Management at the Higher School of Management, Financial University under the Government of the Russian Federation.