Brent Oil Price
Oil traders use the Brent oil price together with a range of tips and oil news to trade crude oil futures on the ICE and NYMEX futures exchanges. Brent crude prices can fluctuate several percent on any one trading day.
Brent crude oil is the biggest of the many major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg, Ecofisk and Forties.
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Brent Oil Price and the ICE Oil Trading Exchange
Brent crude oil is extracted from the North Sea, off the coast of the UK. The Brent oil price marker is also known as Brent Blend, London Brent and Brent petroleum. It is used to price two thirds of the world's internationally traded crude oil supplies.
The Brent blend is a light crude oil, though not as light as WTI , light crude oil. It contains approximately 0.37% of sulphur, classifying it as sweet crude, yet again not as sweet as WTI.
Brent oil is ideal for production of gasoline and middle distillates. It is typically refined in North West Europe, but when the market prices are favorable for export, it can be refined also in the Middle East or Gulf coasts of the US or in the Med region. Brent crude oil has an API gravity of around 38.06 and a specific gravity of around 0.835.
Brent Oil Trading
The symbol for Brent crude is LCO. Brent crude oil since 2005 has been traded on the electronic Intercontinental Exchange, known as ICE. One contract equals 1,000 barrels (160 m3).
Brent Oil Price
Typical price difference per barrel is between +/-3 USD/bbl compared to WTI and OPEC Basket. The different price spreads are based on physical variations in supply and demand (short term). The depletion of the North Sea oil fields is one explanation for the divergence in forward prices.
Brent Crude Oil Futures - Delivery dates
In addition to the Intercontinental Exchange, Brent crude futures are also traded on the NYMEX and have delivery dates in all 12 months of the year.
Brent Oil Price Historical Chart - January 2008 to Present:
Brent Oil Price Historical Chart - January 2007 to January 2008:
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