Trading Volumes Underscore Brent’s Ascendance as World Oil Benchmark

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Brent crude trade volumes Crude is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. This grade is described as light because of its relatively low density, and sweet because of its low sulphur content. Brent is the leading global price benchmark for Atlantic basin crude oils. It is used to price two thirds of the world's internationally traded crude oil supplies.

Originally Brent Crude was produced from the Brent oilfield. Brent crude trade volumes name "Brent" comes from the naming policy of Shell UK Exploration and Production, operating on behalf of ExxonMobil and Royal Dutch Shellwhich originally named all of its fields after birds in this case the brent goose.

Broom, Rannoch, Etive, Ness and Tarbert. Petroleum production from Europe, Africa, and the Middle East flowing West tends to be priced relative to this oil, i.

It contains approximately 0. Brent is suitable for production of petrol and middle distillates. It is typically refined in Northwest Europe. Brent Crude has an API gravity of approximately Contracts are quoted in U. Historically price differences between Brent and other index crudes have been based on physical differences in crude oil specifications and short-term variations in supply and demand. Many reasons have been given for this widening divergence ranging from a speculative change away from WTI trading although not supported by trading volumesdollar currency movements, regional demand variations, and even politics.

The depletion of the North Sea oil fields is one explanation for the divergence in forward prices. Oil production in the interior of North America has exceeded the capacity of pipelines to carry it to markets on the Gulf Coast and east coast of North America; as a result, the oil price on the US and Canadian east coast and parts of the US Gulf Coast since has been set by the price of Brent Crude, while markets in the interior brent crude trade volumes follow the WTI price.

Much US and Canadian crude oil from the interior is now shipped brent crude trade volumes the coast by railroad, which is much more expensive than pipeline. The index represents the average price of trading in the day Brent Blend, Forties, Oseberg, Ekofisk BFOE market in the relevant delivery month as reported and confirmed by the industry brent crude trade volumes. A weighted average of first month cargo trades in the day BFOE market. A weighted average of second month cargo trades in the day BFOE market plus or minus a straight average of the spread trades between the first and second months.

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Unsourced material may be challenged and removed. February Learn how and when to remove this template message. This article needs attention from an expert on the subject. The specific problem is: After merging Brent Index article here, it also needs checking-up for potential repetitions.

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