Brent crude trades near $99 per barrel on Wednesday

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Brent crude oil, the benchmark North Sea crude, is trading at around $99 per barrel on Wednesday, marking a 0.1% increase in value.

Russian Urals crude, a blend of heavy sour oil from the Urals-Volga region and light West Siberian Siberian Light crude, is trading at $107 per barrel in 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 takes place through futures and spot contracts linked to benchmark crude grades: American WTI, European Brent, and Asian Dubai/Oman, shaping the global pricing landscape.

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