Weekly Close: Oil Trades at $83 per Barrel

13:24; 07 August 2026 year

### Weekend Close: Oil Trades at $83 per Barrel Brent crude (the benchmark North Sea oil) is trading at $83 per barrel on Friday, with prices rising by 1%. Russian Urals blend (a mix of heavy Urals-Volga and light West Siberian Siberian Light crude) is valued at $78 per barrel. The price discount between Brent and Urals grades is around $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 SPIMEx (Urals, Russia) and SGX (Asia). Trading is conducted through futures and spot contracts linked to benchmark oil grades: American WTI, European Brent, and Asian Dubai/Oman, which form the global pricing landscape. This overview was presented 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.

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