Brent crude trades near $97 on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $97 per barrel, with a price correction of 1%.

Since 2007, the benchmark Brent crude has been a blend of several grades of oil produced from offshore fields such as Brent, Forties, Oseberg, and Ekofisk between the coasts of Norway and the UK.

The price discount between these Brent grades and Urals crude oil is $8-20 per barrel.

Major trading platforms for oil include international commodity exchanges like NYMEX (WTI, USA) and ICE (Brent, Europe), as well as regional exchanges such as SPbMICE (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 shape the global pricing landscape.

This analysis was presented by Alexei 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.