Brent crude trades near $90 per barrel on Wednesday

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Brent crude oil, the North Sea benchmark, is trading at around $90 per barrel on Wednesday, marking a 0.4% increase in value.

Russian Urals crude oil, which includes heavy sulfurous oil from the Urals-Volga region and light Siberian Light oil from Western Siberia, is trading at $84 per barrel (futures contracts).

The price discount between Brent and Urals crude 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 SPIMES (Urals, Russia) and SGX (Asia).

Trading is conducted through futures and spot contracts linked to benchmark crudes: American WTI, European Brent, and Asian Dubai/Oman, forming a global pricing framework.

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