Brent crude trades near $91 per barrel on Wednesday

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Brent crude oil, the benchmark North Sea oil grade, is trading at around $91 per barrel on Wednesday, marking a 0.4% increase in value.

Russian Urals crude, a blend of heavy sour oil from the Urals-Volga region and light Siberian Light oil from Western Siberia, is currently priced at $85 per barrel in futures contracts.

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 SPBMEX (Urals, Russia) and SGX (Asia).

Trading takes place through futures and spot contracts linked to benchmark crude grades: American WTI, European Brent, and Asian Dubai/Oman, which collectively shape the global oil pricing landscape.

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.