This article needs attention from an expert on the subject. The specific problem is: this article is very technical and at the same time lacks of references. After merging Brent Index article here, it also wti crude symbol checking-up for potential repetitions.
Brent Crude is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. Originally Brent Crude was produced from the Brent oilfield. Petroleum production from Europe, Africa, and the Middle East flowing West tends to be priced relative to this oil, i. Brent Crude has an API gravity of approximately 38. 06 which is equivalent to a specific gravity of 0. The ICE Futures Europe symbol for Brent crude futures is B. 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.
The depletion of the North Sea oil fields is one explanation for the divergence in forward prices. In addition to the Intercontinental Exchange, Brent crude financial futures are also traded on the NYMEX, with the symbol BZ, and have expiry dates in all 12 months of the year. Brent Future based on ICE Futures Brent index at expiry. A weighted average of first month cargo trades in the 25-day BFOE market. A weighted average of second month cargo trades in the 25-day BFOE market plus or minus a straight average of the spread trades between the first and second months. A straight average of designated assessments published in media reports. UK brent, crude oil, brent crude,”.