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End-of-Day Crude Oil Brent, WTI and Urals prices (US$/Barrel; May 2023)
| Date | Brent | WTI | Urals |
|---|---|---|---|
| May 2 | 75.32 | 71.66 | 58.14 |
| May 3 | 72.33 | 68.60 | 53.54 |
| May 4 | 72.50 | 68.56 | 53.54 |
| May 5 | 75.30 | 71.34 | 53.54 |
| May 8 | 77.01 | 73.15 | 58.53 |
| May 10 | 76.41 | 72.56 | 56.49 |
| May 11 | 74.98 | 70.87 | 58.15 |
| May 15 | 74.17 | 70.04 | 54.46 |
| May 19 | 75.86 | 71.86 | 56.86 |
Crude oil is a naturally occurring, unrefined petroleum product that is extracted from the ground. There are several types of crude oil, which differ in their chemical composition and properties. Here are some of the most common types of crude oil:
Brent Crude: This type of crude oil is extracted from the North Sea and is one of the most commonly traded types of crude oil in the world.
West Texas Intermediate (WTI)Â is produced in the United States, particularly in Texas, and is often used as a benchmark for pricing other types of crude oil.
Dubai Crude is produced in the Middle East and is often used as a benchmark for pricing oil in Asia.
Bonny Light is produced in Nigeria and is known for its low sulfur content.
Canadian Heavy Oil is produced in Canada and is known for its high viscosity and high sulfur content.
There are many other types of crude oil produced around the world, each with its own unique properties and uses. The specific type of crude oil that is extracted from a particular region depends on factors such as the geology of the area and the technology used for extraction.
Barrel (bbl) is a unit of volume for crude oil and petroleum products. 1 bbl corresponds 42 US gallons or 35 UK (imperial) gallons, or approximately 159 liters.
Urals oil, also known as REBCO, is a mix of heavy and high-grade oil of the Urals and the Volga region with light oil of Western Siberia. It’s an oil brand used as a basis for pricing of the Russian export oil mixture. Urals oil extracted in Khanty-Mansiysk autonomous region, Tatarstan and Bashkortostan. Urals brand oil is supplied through the Druzhba pipeline and the Baku-Novorossiysk pipeline. The world’s largest Urals oil producers are Rosneft, Lukoil, Surgutneftegas, Gazprom Neft and Tatneft. Urals Crude Oil futures are traded on the Saint Petersburg International Mercantile Exchange (SPIMEX) under the ticker symbol “U” in US dollars.
Brent Crude futures are traded on the Intercontinental Exchange (ICE) under ticker symbol B in U.S. dollars. Brent Сrude futures are also traded on the New York Mercantile Exchange (NYMEX) with the symbol “BZ”. Brent blend is a light crude oil (LCO) which contains approximately 0.37% of sulphur, however, not sweet as West Texas Intermediate (WTI). WTI futures are traded on the NYMEX under the ticker symbol “CL”.