UK Oil (Brent Crude) price chart, background, and sentiment |
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Brent Crude is a benchmark for oil prices widely used as a reference for pricing and trading oil worldwide. Named after the Brent oilfield in the North Sea, Brent Crude is a light, sweet crude oil known for its relatively low sulphur content and high demand in refining for gasoline and diesel fuel production. Brent is also known as UK crude, UK Brent, or North Sea Oil.
Widgets supplied in partnership with Acuity. Pricing and sentiment does not represent ADSS data or market view.
As a commodity, Brent Crude’s price is influenced by a multitude of factors, including global supply and demand dynamics, geopolitical tensions, economic conditions, and changes in production from major oil-producing countries. The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers often play a crucial role in influencing oil prices through their production decisions.
Brent is an important industrial commodity and tends to track the overall growth of industry and transport, while allowing for supply constraints. Brent typically sells at a premium compared to the main US oil benchmark, West Texas Intermediate, a price gap known as the Brent Spread. Supply chain problems and supercycles can cause dramatic, temporary volatility in the oil market.
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