Brent Crude Hovers Around $103 per Barrel on Wednesday

© ООО Региональные новости

Brent crude oil, the benchmark variety extracted from the North Sea, is trading at around $103 per barrel on Wednesday, marking a 3% increase in value.

Russian Urals crude, which consists of heavy sour oil from the Urals-Volga region and light Siberian Light oil from Western Siberia, is being traded (futures contracts) at around $93 per barrel.

The price discount between Brent and Urals crude ranges from $8 to $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 SPIMES (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, forming a global pricing framework.

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