Brent crude trades near $103 per barrel on Wednesday

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Brent crude oil, the benchmark North Sea oil grade, is trading at around $103 per barrel on Wednesday, marking a 0.3% increase in price.

Russian Urals crude oil, which includes heavy sour crude from the Urals-Volga region and light West Siberian Siberian Light oil, is trading (futures contracts) at around $110 per barrel.

The price discount between Brent and Urals grades 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 is conducted 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, Ph.D., Professor at the Department of Operational and Sectoral Management of the "Higher School of Management" Faculty at the Financial University under the Government of the Russian Federation.