Brent crude trades near $111 on Thursday

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Brent crude oil, extracted from the North Sea, traded on Thursday near $111 per barrel, with a price correction of 2%.

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

The price difference between these Brent grades and Urals crude typically ranges from $8 to $20 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 SPIMEx (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 form the global pricing landscape.

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