Brent Crude Oil is one of the major classifications of oil and is used as a benchmark price for oil in general. Brent Crude Oil price is used to price two-thirds of globally traded oil supplies. Brent Crude is extracted from the Brent oil platform in the North Sea and has consistent demand due to the ease of its refinement into other oil-derivative products. It stands as the benchmark when compared to other oil blends thanks to its ease of transport, as it doesn’t require a pipeline system. Instead, supply is distributed via oil tankers.
Easy to refine into diesel-based products
Sourced from four different North Sea platforms
Demand is consistent and supply is stable
⅔ of traded oil is priced relative to Brent
Used as a benchmark for OPEC
Brent Crude Oil live price is determined by its futures and is traded in London. Brent crude is considered a sweet and light oil making it more amenable to diesel refining instead of gasoline. It’s typically used in Europe, but the majority of oil from the Middle East, the US, and Asia, is priced relative to Brent. Demand for Brent Crude is highest in the summer and winter, due to its use in creating heating oil.