Brent crude trades near $85 on Thursday

© ООО Региональные новости

Brent crude oil, extracted from the North Sea, is trading on Thursday around $85 per barrel, with a price correction of 0.1%.

Since 2007, the benchmark Brent crude has been a blend of several oil grades produced at offshore fields such as Brent, Forties, Oseberg, and Ekofisk, located between the coasts of Norway and the UK.

The price difference between these Brent grades and Urals crude typically ranges from $8 to $15 per barrel.

Major trading platforms for oil include international commodity exchanges like NYMEX (WTI, USA) and ICE (Brent, Europe), as well as regional exchanges such as SPIMES (Urals, Russia) and SGX (Asia).

Trading is conducted 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 Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.