Brent Crude
Classification of crude oil that serves as a major worldwide benchmark price
Brent Crude
Brent Crude is the world's most widely used benchmark for the price of crude oil. The term can be used in three ways. First, to refer to a trading classification—a specific quality or type of crude oil. Brent Crude is light—it has low density, yielding high volumes of petrol and diesel after refinement; and sweet—it contains low levels of sulphur, which makes it easy to refine. Secondly, the term 'Brent Crude' can be used to refer to a geographical source—the Brent oilfield and oilfields in the British North Sea, where the benchmark and trading classification take their names from. Lastly, in finance, the term 'Brent Crude' colloquially refers to a standardised futures contract for Brent Crude Oil bought and sold in the Intercontinental Exchange (ICE). The significance of the benchmark lies in its role in pricing other varieties of crude oil. Most of the world's oil, including West African, Mediterranean, Russian, and Brazilian varieties, is priced by reference to Dated Brent, a price benchmark...
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