Brent crude trades near $95 per barrel on Wednesday

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Brent crude oil, the benchmark North Sea oil grade, was trading on Wednesday around $95 per barrel, marking a 1% increase in price.

Russian Urals crude, which consists of heavy sour oil from the Urals-Volga region and light West Siberian Siberian Light grade, was trading (futures contracts) at around $84 per barrel.

The price discount between Brent and Urals grades is $8-15 per barrel.

The main trading platforms for oil are 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 forms the global pricing landscape.

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