Brent Crude
The global benchmark crude oil grade produced from the North Sea, priced in $/barrel and the reference for roughly two-thirds of the world's oil trade.
Brent crude is a light, sweet crude oil blended from fields in the North Sea. It is the dominant global pricing benchmark — approximately 65–70% of globally traded oil is priced off Brent. Brent futures trade on the ICE exchange in London.
Because Brent is seaborne and globally accessible, it better reflects international supply-demand dynamics than WTI, which is landlocked at Cushing. The Brent-WTI spread reflects US infrastructure constraints, export capacity, and regional supply balances.
Brent futures settle in cash, unlike WTI which can result in physical delivery at Cushing — an important distinction during periods of extreme storage stress.
On the desk
Brent crude trades at $82.10/bbl while WTI is at $77.50/bbl — a $4.60 Brent premium. This spread typically widens when US crude inventories build at Cushing and narrows when US export infrastructure is unconstrained.