Brent Crude Price
LIVELive Brent crude oil price - international benchmark
About Brent Crude Oil Price
Brent crude oil is the global pricing benchmark for oil markets, representing a blend of crude extracted from 15 North Sea oil fields between Scotland and Norway. The Brent crude price is quoted in USD per barrel and serves as the reference price for approximately two-thirds of the world's internationally traded crude oil. Brent oil price is influenced by global economic growth, geopolitical events (especially in the Middle East and Russia), OPEC+ production decisions, European demand, and seaborne crude flows. The Brent chart tracks ICE (Intercontinental Exchange) futures contracts and typically trades at a premium to WTI crude due to its global accessibility.
Brent Crude Quick Facts
Understanding Brent Crude Price
Global Benchmark: The Brent crude price serves as the international oil pricing standard because it's waterborne and accessible to refineries worldwide. While WTI is landlocked in Cushing, Oklahoma, Brent oil price reflects seaborne crude that can be shipped anywhere. The Brent chart is watched globally by traders, governments, and consumers as it influences gasoline, diesel, and jet fuel costs worldwide.
Brent Price Drivers: The Brent crude oil price responds to global demand from China, India, Europe, and emerging markets, OPEC+ production cuts or increases, Middle East geopolitical risks, North Sea production declines, Russian export flows, and the strength of the US dollar. The Brent oil price chart often leads global energy sentiment.
Dated Brent: The physical Brent crude price is determined through "Dated Brent," representing actual cargoes loading 10-25 days forward. This differs from futures contracts on the Brent chart. The dated Brent price influences the financial futures market, creating a link between physical oil flows and paper trading.
Brent vs WTI: Historically, Brent crude price traded at a discount to WTI due to quality differences. This reversed after 2011 when US shale boomed, creating WTI supply gluts. Today, Brent oil price typically commands a $1-5/barrel premium over WTI, though this spread can widen during geopolitical crises or narrow when US exports surge. The Brent chart and WTI chart generally move in tandem but can diverge on regional factors.