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End-of-Day Crude Oil Brent, WTI and Urals prices (US$/Barrel; March 2023)
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 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 ticker symbol “CL”.