Brent crude trades near $114 on Thursday

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Brent crude oil, extracted from the North Sea, is trading on Thursday around $114 per barrel, with a price correction of 1.5%.

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

The price difference between these Brent grades and Urals crude (Russian oil blend) ranges from $8 to $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 SPbMSTB (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, shaping the global oil pricing landscape.

This overview was presented by Alexey Grishchenko, Doctor of Economics, 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.