Brent crude oil hits $83 per barrel on Monday

© ООО Региональные новости

Brent crude oil, the North Sea benchmark grade, was trading at $83 per barrel on Monday, with the price of black gold falling by 6% over the day.

Russian Urals crude, a blend of heavy high-sulfur oil from the Urals-Volga region and light Western Siberian Siberian Light oil, was valued at $86 per barrel.

The price discount between Brent and Urals grades ranges from $10 to $20 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 linked to benchmark crude grades: American WTI, European Brent, and Asian Dubai/Oman, forming a global pricing framework.

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