Brent crude trades near $93 per barrel on Wednesday

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Brent crude oil, the benchmark North Sea oil grade, is trading at around $93 per barrel on Wednesday, marking a 2.4% increase in price.

Russian Urals crude, a blend of heavy sour oil from the Urals-Volga region and light Siberian Light oil from Western Siberia, is trading (futures contracts) at around $75 per barrel.

The price discount between Brent and Urals grades 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 SPIMEx (Urals, Russia) and SGX (Asia).

Trading is conducted through futures and spot contracts tied to benchmark grades such as American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

This overview was presented by Aleksey Grishchenko, Ph.D., Professor of Operational and Sectoral Management at the Higher School of Management, Financial University under the Government of the Russian Federation.