Brent Crude Oil Price Today (BZ=F)
2023.03.04 04:33
Any or all of the components of the Brent Complex, a physically and financially traded oil market centered on the North Sea in Northwest Europe, may be referred to as Brent Crude; In common usage, the term “Brent Crude” typically refers to either the contract itself or the price of the ICE (Intercontinental Exchange) Brent Crude Oil futures contract.
When sweet light crude oil was first extracted from the Brent oilfield in the North Sea in 1976, it was referred to as “Brent Crude” in the beginning.
Crude oil blends from other oil fields have been added to the trade classification as production from the Brent oilfield decreased to zero in 2021. Crude oil from the Forties (added in 2002), Oseberg (added in 2002), Ekofisk (added in 2007), and Troll (added in 2018) oil fields are included in the current Brent blend. These oil fields are also referred to as the BFOET Quotation.
Brent Blend, London Brent, and Brent petroleum are all other names for the Brent crude oil indicator. Due to its relatively low density and low sulphur content, this grade is referred to as light and sweet.
Brent is the global standard for crude oil prices in the Atlantic basin. It is used to set the price of two-thirds of the world’s supplies of crude oil that are traded internationally. It is, along with West Texas Intermediate (WTI), one of the two primary benchmark prices used to purchase oil around the world.
