North Sea Brent Crude Trades at $101.60 per Barrel on Wednesday

© ООО Региональные новости

Brent crude oil, the benchmark grade extracted from the North Sea, is trading at around $101.60 per barrel on Wednesday, marking a 1% increase in value.

Russian Urals crude, which includes heavy sour oil from the Urals-Volga region and light Siberian Light oil from Western Siberia, is currently trading (futures contracts) at $125 per barrel.

The price difference, or 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 is conducted through futures and spot contracts tied to benchmark grades of oil: American WTI, European Brent, and Asian Dubai/Oman, creating a global pricing framework.

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