Weekly Close: Oil Trades at $88 per Barrel

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Weekly Close: Brent Crude Trades at $88 per Barrel

Brent crude oil (the benchmark North Sea crude) is trading at $88 per barrel on Friday, with prices down by 1%.

Russian Urals crude (a blend of heavy Urals-Volga and light West Siberian Siberian Light oil) is valued at $85 per barrel.

The price discount between Brent and Urals grades stands at $10-15 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 crudes: American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

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