WTI is considered the benchmark for US-produced crude oil, while Brent is considered an international benchmark, based on crude oil extracted from the North Sea.
How do Brent futures work?
Oil futures contracts are simple in theory. They continue the time-honored practice of certain participants in the market selling risk to others who gladly buy it in the hopes of making money. To wit, buyers and sellers establish a price that oil (or soybeans, or gold) will trade at not today, but on some coming date.
The current price of WTI crude oil as of is 86.82 per barrel.
Is Brent Crude cash settled?
Brent futures are cash-settled against an index price that is based on the trading of cargoes in the forward Brent market.
What time does crude oil market close?
Trading Times Electronic trading of crude oil futures is conducted from 6:00 p.m. U.S. until 5:00 p.m. U.S. ET via the CME Globex® trading platform, Sunday through Friday.
What time does crude oil trade?
Electronic trading of crude oil futures is conducted from 6:00 p.m. U.S. until 5:00 p.m. U.S. ET via the CME Globex® trading platform, Sunday through Friday. Crude oil futures contracts trade every calendar month, from January through December.
What exchange is Brent crude traded on?
electronic Intercontinental Exchange
What is Brent Crude used for?
Brent crude is the most traded of all of the oil benchmarks, and is defined as crude mostly drilled from the North Sea oilfields: Brent, Forties, Oseberg and Ekofisk (collectively known as BFOE). This oil type is widely used as it is both sweet and light, making it easy to refine into diesel fuel and gasoline.
Why do they call it Brent Crude?
Brent is the name given to a relatively light crude oil made from a blend of crudes from 19 oil fields in the North Sea. Brent is an acronym for Broom, Rannoch, Etive, Ness and Tarbert the five geological formations that form the Middle Jurassic field.