Brent crude trades near $116 per barrel on Wednesday

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Brent crude oil, the benchmark grade extracted from the North Sea, is trading at around $116 per barrel on Wednesday, marking a 0.2% increase in price.

Russian Urals crude, which includes heavy sulfurous oil from the Urals-Volga region and light West Siberian oil (Siberian Light), is being traded (futures contracts) at $114 per barrel.

The price discount between Brent and Urals grades ranges from $8 to $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 tied to benchmark grades such as American WTI, European Brent, and Asian Dubai/Oman, which shape the global pricing landscape.

This overview was presented by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management at the Faculty of Higher School of Management, Financial University under the Government of the Russian Federation.